This mini-course brings the practitioner information on tax issues affecting interest and debt. The various types of interest and their required allocation are explored and reviewed. For the economically troubled client, special attention is devoted to debt cancellation, repossession, discounts, and foreclosure. The program also discusses installment sales, taxable interest, and bad debts.
Deductible Interest and Debt. Allocation of Deductible Interest. Taxable Interest. Installment Sales. Debt Cancellation and Foreclosure. Bad Debts.
CPAs, financial professionals, enrolled agents and attorneys.
Determine what constitutes “interest” specifying its key components. Identify whether the various types of interest are tax deductible or nondeductible. Recognize how to deduct interest that is paid or accrued during the tax year applying different methods of accounting. Specify the applicable federal rate. Recognize the effects of unstated interest on transactions. Cite the imputed interest rules in the context of debt instruments. Identify the interest allocation rules and the allocation period for a loan. Recognize the difference between an allocation of loan proceeds that are deposited in an account and the allocation of loan proceeds received in cash. Cite loan repayments in the order they are deemed repaid, and more.
Danny Santucci, Western CPE
Danny Santucci, BA, JD, is a prolific author of tax and financial books and articles. His legal career started with the business and litigation firm of Edwards, Edwards, and Ashton. Later he joined the Century City entertainment firm of Bushkin, Gaims, Gaines, and Jonas working for many well-known celebrities. In 1980, Danny established the law firm of Santucci, Potter, and Leanders in Irvine, California. With increasing lecture and writing commitments, Danny went into sole practice in 1995. His practice emphasizes business taxation, real estate law, and estate planning. Speaking to more than 100 groups nationally each year, he is known for spicing up his extensive expertise with an incredible sense of humor.
Non-Member Price $67.00
Member Price $58.00