Self-Study
Making the Best of Bad Situations
Explore property transfers, alimony, debt forgiveness, and foreclosures, with a focus on §108 income exclusion rules.
$58.00 – $78.00
Webcasts are available for viewing Monday – Saturday, 8am – 8pm ET.
Without FlexCast, you must start with enough time to finish. (1 Hr/Credit)
Secure Transaction CPE Credits
2 Credits: Taxes
Course Level
Overview
Format
Self-Study
Course Description
Making the Best of Bad Situations teaches 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 in this personal financial planning CPE course.
Learning Objectives
After completing this course, you will be able to:
- Recognize tax considerations and tax guidance for marital tax liability and refund offsets.
- Identify the elements of §1041 nonrecognition and specify variables that determine whether a payment is alimony.
- Determine the exceptions to the general income inclusion rule and recognize the tax issues in calculating gain or loss resulting from foreclosure or repossession including the differences between personal and real property repossession.
- Identify nonbusiness and business bad debts under §166 determining their differences in Code requirements and amount allowed.
Course Specifics
823325405
February 27, 2025
General understanding of federal income taxation
None
79
Compliance Information
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-02608-24-S
IRS Federal Tax Law Credits: 2
CTEC Course Number: 2071-CE-01895
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
