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Self-Study — Course Detail

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Tax Issues Related to Bankruptcy
Danny Santucci
Copyright© 2011

Course: 8112082   Version 1105

NASBA Category:     Taxes     CPE Credits 2
CTEC Credits: 2 Federal / 2 California
Level: Overview  (57 pages)
Prerequisite: There are no prerequisites.
Advance Preparation: None.
IRS Program Nbr: 0MYXB-T-00017-12-S





Course Description
This valuable and timely course examines the changes that debtors will face when filing for federal bankruptcy and explores the many tax issues related to bankruptcy. How the Bankruptcy Abuse Prevention and Consumer Protection Act minimizes abuse of the bankruptcy system is also discussed. You’ll learn how homesteading can help protect home equity, one of the most important assets for most individuals. Finally, this course examines wage garnishment and related rules and provisions. Join tax expert Danny Santucci for a thorough and focused look at everything you need to know about the tax implications of bankruptcy.  

This course includes an addendum that covers the 2013 fiscal cliff legislation.


Table of Contents

Learning Objectives
Upon successful completion of this course, participants will be able to:
  • Analyze the 2005 Bankruptcy Act by identifying changes to bankruptcy procedures and qualifications comparing the three most common types of bankruptcy filings and select the appropriate bankruptcy filing using a debtor’s status as an individual or business and their ability to pay off creditors.
  • Explain the scope of the automatic stay, the recoupment preferential transfers, and the priority of creditor claims categorizing dischargeable and nondischargeable debts based on bankruptcy filing.
  • Outline the creation of a separate individual bankruptcy estate determining its taxable income, appropriate deductions, and special tax year elections and contrast individual with partnership and corporate bankruptcy comparing filing bankruptcy requirements, debt discharge and asset liquidations including reorganizations.
  • Describe the purpose of homestead laws and available homestead types including the degree of homeowner protection afforded and identify the special rules, terms, and application of garnishment laws.
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