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Taxation Related to Cancelation of Indebtedness, Mortgage Foreclosure, and Bankruptcy
$89.95$89.95
Taxation Related to Cancelation of Indebtedness, Mortgage Foreclosure, and Bankruptcy
CPE Credit: 4 hours
This 4-hour webcast will provide attendees with an overview of the various taxation issues related to the course title. It will include a discussion of the tax reporting on the individual income tax return and the effects of insolvency and bankruptcy. We will also discuss real estate cancellation of debt issues.
Topics Covered
CPE Credit: 4 hours
This 4-hour webcast will provide attendees with an overview of the various taxation issues related to the course title. It will include a discussion of the tax reporting on the individual income tax return and the effects of insolvency and bankruptcy. We will also discuss real estate cancellation of debt issues.
Topics Covered
- Income from discharge of indebtedness
- Foreclosure compared to deed in lieu of foreclosure
- Recourse debt vs. nonrecourse debt
- Mortgage forgiveness Debt Act of 2007 and extensions
- Abandonment of real estate
- Short sales
- Form 982 and tax attributes
- Cancellation of debt income in bankruptcy
- Discharging of taxes in bankruptcy
- Overview of bankruptcy “chapters”
- Tips on advising clients on how to avoid cancellation of indebtedness
- Related IRC sections
- Help the practitioner to understand the ramifications of debt cancellation with respect to taxation
- Provide attendees with guidance in calculation of cancellation of debt income
- Explore ways to help clients avoid cancellation of debt, foreclosure, and bankruptcy issues
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