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Tax, Bankruptcy, and Financial Problems

Course - Tax

Major Topics

Learning Objectives

  1. Identify common types of bankruptcy filings and related provisions that impact individual or business filings.
  2. Specify marital property transfers and asset protection strategies including insurance and organization structures to achieve protection and access objectives while avoiding fraudulent transfers.
  3. Recognize medical costs and casualty and theft losses that may be deductible.
  4. Identify debt cancellation, foreclosure, and the deductibility and re-porting of bad debts.
  5. Recognize elderly, disability, and estate planning programs and provisions to be considered for catastrophic and death planning purposes.

Course Description

This course explores many tax issues that arise from filing for bankruptcy. Also addressed are asset protection for the tax practitioner and medical costs covered under §213. There is an examination of property settlements and other transfers incident to divorce. A tax surprise for many taxpayers is the taxability of debt cancellation and repossessing property sold on the installment method can also be taxable. Finally, practitioners are brought up-to-date information on tax issues affecting estate planning and business issues.

Compliance Information

Advanced Preparation

None

Field of Study

Taxes

Credits

3 Credits

Published Date

February 2, 2023

Revision Date

April 1, 2024

Course Authors

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.

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Overview

This course explores many tax issues that arise from filing for bankruptcy. Also addressed are asset protection for the tax practitioner and medical costs covered under §213. There is an examination of property settlements and other transfers incident to divorce. A tax surprise for many taxpayers is the taxability of debt cancellation and repossessing property sold on the installment method can also be taxable. Finally, practitioners are brought up-to-date information on tax issues affecting estate planning and business issues.

Course Details

  1. Identify common types of bankruptcy filings and related provisions that impact individual or business filings.
  2. Specify marital property transfers and asset protection strategies including insurance and organization structures to achieve protection and access objectives while avoiding fraudulent transfers.
  3. Recognize medical costs and casualty and theft losses that may be deductible.
  4. Identify debt cancellation, foreclosure, and the deductibility and re-porting of bad debts.
  5. Recognize elderly, disability, and estate planning programs and provisions to be considered for catastrophic and death planning purposes.

Intended Audience

Advanced Preparation — None

Field of Study — Taxes

Credits — 3 Credits

IRS Program Number

Published Date – February 2, 2023

Revision Date – April 1, 2024

Course Authors

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