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Secure Transaction Debt
Format
Self-Study
Course Level
Overview
CPE Credits
2 Credits: Taxes
Course Description
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.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Chapter 1
- 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
Chapter 2
- 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
Chapter 3
- Determine when certain distributions commonly referred to as “dividends” are actually interest and the tax treatment of interest that is earned on such items as income on frozen deposits and U.S. Savings Bonds
Chapter 4
- Recognize an installment sale transaction
- Determine what constitutes the installment method
- Specify the parts of each payment on an installment sale
- Cite the related party sales rules of §453
Chapter 5
- Identify exceptions to the general income inclusion rule and their effect on a taxpayer
- Determine the different effects of nonrecourse indebtedness from the effects of recourse indebtedness on foreclosure
Chapter 6
- Specify bad debt categories specifying the impact of nonbusiness bad debt recovery
- Identify when a business deducts its bad debts from gross income
- Recognize which accounting method to apply to business bad debts
Course Specifics
8202725
April 9, 2024
General understanding of federal income taxation.
None
72
Compliance Information
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-02110-22-S
IRS Federal Tax Law Credits: 2
CTEC Course Number: 2071-CE-1522
CTEC Federal Tax Law Credits: 2
CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.
CTEC Notice: California Tax Education Council DOES NOT allow partial credit, course must be taken in entirety. Western CPE has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, by phone toll-free at (877) 850-2832, or on the Internet at www.ctec.org.
Meet The Experts
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 …
QAS Self-Study
