Tax, Bankruptcy and Financial Problems (Expanded) ON DEMAND

Overview

Test the treacherous (and shark infested) waters of tax, bankruptcy and financial problems. This course will teach participants how to apply, implement, and evaluate the strategic tax aspects of bankruptcy, property settlements, debt cancellation, and foreclosure. Current perspectives on asset protection, repossession, and bad debts are examined with an emphasis on planning considerations. The cancellation of indebtedness income inclusion rules are examined in the context of debt forgiveness and property foreclosure. Emphasis is given to the exceptions from income inclusion contained in Section 108. The tax treatment of property repossession under Section 1038 is explored with detail given to the calculation of gain and received property basis. Finally, eldercare and estate planning are reviewed and detailed.

Highlights

Bankruptcy. Transfers incident to divorce. Asset protection. Medical, charitable and casualty. Debt cancellation and foreclosure. Repossession. Bad debts. Elderly and disabled planning. Estate planning.

Prerequisites

None.

Designed For

This program is appropriate for professionals at all organizational levels.

Objectives

Determine how the 2005 Bankruptcy Act changed procedures, qualifications, and tax law, and identify the most common bankruptcy types noting their influence on how an individual or business “goes bankrupt. “ Identify types of marital property and their likely division in marital property settlements and specify five legal principles used in dividing assets and providing support on divorce or separation. Identify the types of creditors associated with asset protection and fraudulent transfers. Cite variables that impact the deductibility of Section 170 charitable contributions noting qualified organizations and limitations for these purposes and identify the types of contributions that can be made, their tax treatment, and substantiation requirements, and more.