E-Making the Best of Bad Situations

E-Making the Best of Bad Situations
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Price: $29.99
Credits: 17
Prerequisite: None
Level: Overview
Model: MT026
Author: Danny Santucci
Average Rating: Not Rated
Fields of study: Taxes
Format: PDF

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.

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:

  • 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. List tax considerations and apply tax guidance to marital breakdowns, identify marital status, and describe the effect marital status has on filing status and federal income tax obligations. 
  2. Contrast and compare the state marital property provisions, explain §1041 identifying at least two tax traps for the unaware, and list seven variables that determine whether a payment is alimony.
  3. Identify the exceptions to the general income inclusion rule and explain tax impact, and point out 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. Contrast nonbusiness and business bad debts under §166 explaining differences in Code requirements and amount allowed.

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants :
Any CPA looking to maintain or enhance their professional competence

Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
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