Making the Best of Bad Situations 2016 - 2 CPE Credit Hours

Making the Best of Bad Situations 2016 - 2 CPE Credit Hours

Price per Unit (piece): $19.95

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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.

Completion Deadline & Exam: This course, including the examination, must be completed within one year of the date of purchase. In addition, unless otherwise indicated, no correct or incorrect feedback for any exam question will be provided.

Course Level: Overview. This program is appropriate for professionals at all organizational levels.

Field of Study: Taxes

Prerequisite: General understanding of federal income taxation.

Recommended Credits: 2 CPE Hours 

Advanced Preparation: None

Learning Assignment & Objectives

As a result of studying the assigned materials, you should be able to meet the objectives listed below.

ASSIGNMENT

At the start of the materials, participants should identify the following topics for study:

* Marital tax liability

* Transfers incident to divorce

* Alimony & child support

* Debt cancellation & income inclusion rule

* Reduction of tax benefits

* Foreclosure

* Repossession of personal property

* Repossession of real property

* Non-business bad debts

* Business bad debts

Learning Objectives

After reading the materials, participants will be able to:

1. Recognize tax considerations and tax guidance for marital breakdowns and, identify marital status noting the effect marital status has on filing status and federal income tax obligations. 

2. 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.

3. 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.

4. Identify nonbusiness and business bad debts under §166 noting their differences in Code requirements and amount allowed.

After studying the materials, answer the exam questions 1 to 10.





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  • I have taken multiple courses from The CPE Discount Store.  They have great customer support and I received my certificate of completion on the same day.
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0 STARS
Poorly written, many questions were nonsensical and the material was very old. This product was noted as a 2018 version but the quiz tested us on knowledge from the mid nineties. Very, very poor course and I would not recommend it to anyone.
5 STARS
This was a very interesting & informative book. The chapters were short and well laid out.
The test followed the book easily so it was a great test to cover the material. Highly recommend!
4 STARS
I have used the CPE subscription a few times now. I find it easy to check out books from the library or buy them & then take the test. It\'s very cost effective.

My request would be for more choices to be added. I have done many of them & cannot realistically repeat. Also, the books that have short chapters or bulleted points make it easier to follow along for test purposes

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