Self-Study
2
Basic
Taxes
There are no prerequisites.

Course Description

Since the enactment of the passive activity loss limitation rules in 1986, taxpayers and practitioners have been frustrated in attempts to have economic losses incurred in activities described as 'passive' offset income derived from other sources. Join Steven Siegel as he covers this complex, controversial, and confusing topic. Learn how the passive income and loss rules affect the classification of various business and investment, and examine which losses and expenses can be used to offset income. In addition, you'll understand how 'passive' income and losses are distinguished from 'active' income and losses as the tax focus has intensified with the onset of the 3.8% net investment income tax.



Instructor

Steven G. Siegel, JD, LLM

Steven G. Siegel, JD, LLM, is president of The Siegel Group, which provides consulting services to attorneys, accountants, business owners, family offices, and financial planners. Based in Morristown, New Jersey, the Group provides services throughout the United States.

Steven is the author of many books, including: The Grantor Trust Answer Book (2015 CCH); CPA’s Guide to Financial and Estate Planning (AICPA 2014); Federal Fiduciary Income Taxation (Foxmoor 2014); and Federal Estate and Gift Tax (Foxmoor 2014).

In conjunction with numerous tax-planning lectures he has delivered for the National Law Foundation, Steven has prepared extensive lecture materials on the following subjects: planning for an aging population, preparing the audit-proof federal estate tax return, business acquisitions, estate planning, dynasty trusts, planning with intentionally defective grantor trusts, S corporations, and many others.

Steven has delivered hundreds of lectures to thousands of attendees in live venues and via webinars throughout the United States on tax, business, and estate planning topics on behalf of numerous organizations, including Western CPE, the Heckerling Institute on Estate Planning, CCH, National Law Foundation, AICPA, the National Society of Accountants, CohnReznick, Foxmoor Continuing Education, many state CPA societies and estate planning councils, and on behalf of private companies.

He’s presently serving as an adjunct professor of law in the graduate tax program (LLM) of the University of Alabama School of Law, and he has served as an adjunct professor of law at Seton Hall University and Rutgers University law schools.

Steven holds a bachelor’s degree from Georgetown University (magna cum laude, Phi Beta Kappa); a juris doctor from Harvard Law School; and an LLM in taxation from New York University Law School.



Course Specifics

Taxes
Nov 22, 2016
There are no prerequisites.
SS8162551
None


Compliance Information

103220
IRS Provider #: 0MYXB IRS Course ID: 0MYXB-T-01087-16-S IRS Federal Tax Update Credits: 2
CTEC Provider #: 2071 CTEC Course ID: 2071-CE-1050 CTEC Federal Tax Update Credits: 2 Qualifies for CA Fraud: No


Learning Objectives

Upon successful completion of this course, participants will be able to:

Section 1

  • Determine what constitutes a passive activity, which activities taxpayers are subject to the passive activity loss rules, and the various exceptions to the per se passive rental income rules
  • Recognize the seven tests for material participation, noting what constitutes qualifying participation, the requirements for substantiating material participation, and the special rules applicable to real estate professionals

Section 2

  • Recognize the rules for determining passive activity income and deductions
  • Identify the rules for electing to group passive activities, recognizing the impact of the disposition of interests in passive activities and the impact of the net investment income tax (NIIT) on passive activities



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hard copy
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