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Making the Best of Bad Situations

By Danny Santucci

Taxes
2 CPE Credits
Add to Cart – $58
Course - Making the Best of Bad Situations
mbbs2023
PDF Book
Self-Study
Basic
100 Minutes
Topics Learning Objectives Description Compliance Instructors

Major Topics

Learning Objectives

  1. 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.
  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 specifying 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 determining their differences in Code requirements and amount allowed.

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.

Compliance Information

Advanced Preparation

None

Field of Study

Taxes

Credits

2 Credits

Published Date

January 27, 2023

Revision Date

February 29, 2024

Course Authors

Explore Danny >>

Danny Santucci

Huntington Beach, CA
Author, Santucci Publishing

Danny earned his Bachelor of Arts in Political Science from the University of California at Irvine in 1969. He received his Juris Doctorate from Boalt Hall School of Law, University of California at Berkeley in 1972, at which time he began practice as a tax attorney in Southern California. 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 & 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.

About Instructor Read Less
Topics

Overview

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.

Course Details

  1. 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.
  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 specifying 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 determining their differences in Code requirements and amount allowed.

Intended Audience —

Advanced Preparation — None

Field of Study — Taxes

Credits — 2 Credits

IRS Program Number –

Published Date – January 27, 2023

Revision Date – February 29, 2024

Course Authors

Explore Danny >>

Danny Santucci

Huntington Beach, CA
Author, Santucci Publishing

Danny earned his Bachelor of Arts in Political Science from the University of California at Irvine in 1969. He received his Juris Doctorate from Boalt Hall School of Law, University of California at Berkeley in 1972, at which time he began practice as a tax attorney in Southern California. 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 & 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.

About Instructor Read Less
Add to Cart – $58

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