Tax, Bankruptcy and Financial Problems 2016 - 3 CPE
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.
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.
Learning Assignment & Objectives
As a result of studying the assigned materials, you should be able to meet the objectives listed below.
At the start of the materials, participants should identify the following topics for study:
* Federal bankruptcy
* Marital property settlements - §1041
* Asset protection
* Medical costs -§213
* Casualty & theft losses - §165
* Debt cancellation & foreclosure, repossession & bad debts
* Elderly & disabled planning
* Catastrophic illness & health care decisions
* Supplemental security income & disability benefits
* Estate planning & primary dispositive plans
After reading the materials, participants will be able to:
1. Identify the three most common types of bankruptcy filings and related provisions that impact individual or business filings.
2. Advise clients regarding marital property transfers, 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. Explain debt cancellation, foreclosure and the deductibility and reporting of bad debts.
5. Specify elderly, disability and estate planning programs and provisions to be considered for catastrophic and death planning purposes.
After studying the materials, answer the exam questions 1 to 15.
This course and test have been adapted from materials and information contained in the above text and any supplemental material provided. This course is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional advice and assumes no liability whatsoever in connection with its use. Since laws are constantly changing, and are subject to differing interpretations, we urge you to do additional research and consult appropriate experts before relying on the information contained in this course to render professional advice.