QAS Self-Study
Overview
CPE Credits
2 Credits: Taxes
Course Description
This mini-course will teach participants how to apply, implement, and evaluate the strategic tax aspects of marital and financial setbacks. Property transfers, asset divisions, alimony, filing status, exemptions, and child support are examined. The cancellation of indebtedness income inclusion rules are discussed in the context of debt forgiveness and property foreclosure. Emphasis is given to the exceptions from income inclusion contained in §108. The tax treatment of property repossession under §1038 and bad debt treatment under §166 is reviewed.
Learning Objectives
After completing this course, you will be able to:
- Recognize tax considerations and tax guidance for marital breakdowns and, identify marital status specifying the effect marital status has on filing status and federal income tax obligations.
- Identify state marital property provisions, cite the elements of 1041 identifying at least two tax traps for the unaware, and specify variables that determine whether a payment is alimony.
- Determine the exceptions to the general income inclusion rule noting their tax impact, and recognize the various issues related to calculating gain or loss resulting from foreclosure or repossession including the differences between personal and real property repossession, amount realized on sale or other distribution of property in a foreclosure, and basis calculation on repossession of property.
- Identify nonbusiness and business bad debts under §166 determining their differences in Code requirements and amount
Course Specifics
|
Course ID 823325405 |
Revision Date March 3, 2023 |
Number of Pages 69 |
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-02327-23-S
IRS Federal Tax Law Credits: 2
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-02327-23-S
IRS Federal Tax Law Credits: 2
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1895
CTEC Federal Tax Law Credits: 2
CTEC Course Number: 2071-CE-1895
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 registeration 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.
Course Instructor
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 …
Making the Best of Bad Situations
$58.00 – $78.00
QAS Self-Study
Overview
CPE Credits
2 Credits: Taxes
Course Description
This mini-course will teach participants how to apply, implement, and evaluate the strategic tax aspects of marital and financial setbacks. Property transfers, asset divisions, alimony, filing status, exemptions, and child support are examined. The cancellation of indebtedness income inclusion rules are discussed in the context of debt forgiveness and property foreclosure. Emphasis is given to the exceptions from income inclusion contained in §108. The tax treatment of property repossession under §1038 and bad debt treatment under §166 is reviewed.
Learning Objectives
After completing this course, you will be able to:
- Recognize tax considerations and tax guidance for marital breakdowns and, identify marital status specifying the effect marital status has on filing status and federal income tax obligations.
- Identify state marital property provisions, cite the elements of 1041 identifying at least two tax traps for the unaware, and specify variables that determine whether a payment is alimony.
- Determine the exceptions to the general income inclusion rule noting their tax impact, and recognize the various issues related to calculating gain or loss resulting from foreclosure or repossession including the differences between personal and real property repossession, amount realized on sale or other distribution of property in a foreclosure, and basis calculation on repossession of property.
- Identify nonbusiness and business bad debts under §166 determining their differences in Code requirements and amount
Course Specifics
|
Course ID 823325405 |
Revision Date March 3, 2023 |
Number of Pages 69 |
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-02327-23-S
IRS Federal Tax Law Credits: 2
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-02327-23-S
IRS Federal Tax Law Credits: 2
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1895
CTEC Federal Tax Law Credits: 2
CTEC Course Number: 2071-CE-1895
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 registeration 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.
Course Instructor
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 …
Making the Best of Bad Situations
$58.00 – $78.00