CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS
Icon_Self-Study
Self-Study
Icon_Level
Overview
Credits
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

Course ID
8202725
Revision Date
March 11, 2021
Prerequisites

General understanding of federal income taxation.

Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-01626-20-S
IRS Federal Tax Law Credits: 2
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1522
CTEC Federal Tax Law Credits: 2

Course Instructor

Danny Santucci Headshot
Danny Santucci, JD

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 …

Danny Santucci, JD Read More »

Debt

Expert Instructors
Format
CPE CREDITS
2 Credits: Taxes

$58.00$78.00

Clear
Icon_Self-Study
Self-Study
Icon_Level
Overview
Credits
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

Course ID
8202725
Revision Date
March 11, 2021
Prerequisites

General understanding of federal income taxation.

Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-01626-20-S
IRS Federal Tax Law Credits: 2
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1522
CTEC Federal Tax Law Credits: 2

Course Instructor

Danny Santucci Headshot
Danny Santucci, JD

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 …

Danny Santucci, JD Read More »

Debt

Expert Instructors
Format
CPE CREDITS
2 Credits: Taxes

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.

$58.00$78.00

Clear