Source: https://jncpe.com/courses/tax-bankruptcy-financial-problems-19-5-hrs/
Timestamp: 2019-04-23 19:02:57+00:00

Document:
Test the treacherous (and shark infested) waters of tax, bankruptcy and financial problems. This course will teach participants how to apply, implement, and evaluate the strategic tax aspects of bankruptcy, property settlements, debt cancellation, and foreclosure. Current perspectives on asset protection, repossession, and bad debts are examined with an emphasis on planning considerations. The cancellation of indebtedness income inclusion rules are examined 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 is explored with detail given to the calculation of gain and received property basis. Finally, eldercare and estate planning are reviewed and detailed.
Format: Online pdf (423 pages). Printed book available.
2. Specify the rules for automatic stay and levy identifying their impact on “freezing” creditor activity, tax assessment, and collection.
3. Identify the differences between preferential and nonpreferential payments specifying the priority of creditor claims.
4. Recognize when debt is discharged under various bankruptcy types and identify how to establish an individual bankruptcy estate determining its taxable income and filing requirements.
5. Identify partnership and corporate bankruptcies, specify debts covered under homesteading, and determine permissible garnishment amounts and special garnishment rules.
After studying the materials in Chapter 1, answer the exam questions 1 to 16.
3. Specify the position of U.S. v. Davis on interspousal transfers recognizing the changes made by §1041, and identify the requirements of §1041 and the scope of its application.
4. Identify factors that determine whether a property transfer is incident to divorce and how to meet these factors or avoid §1041 altogether when desired.
After studying the materials in Chapter 2, answer the exam questions 17 to 48.
c. Determining how insurance, asset placement and statutory protections can help achieve asset protection.
2. Identify the types of creditors associated with asset protection and fraudulent transfers.
3. Determine fraudulent transfer identifying badges of fraud, statutes of limitation and criminal penalties, and specify permissible asset transfers.
4. Recognize the necessity of asset protection identifying net worth under a balance sheet, and determine asset values in the preparation of a balance sheet.
After studying the materials in Chapter 3, answer the exam questions 49 to 69.
c. Specifying the mechanics of prescription drug plans, and identifying the accelerated death benefits exclusion and the health insurance deduction for self-employed individuals.
2. Cite variables that impact the deductibility of §170 charitable contributions recognizing qualified organizations and limitations for these purposes, and identify the types of contributions that can be made, their tax treatment, and substantiation requirements.
3. Determine what constitutes a §165 casualty or theft and the former and current arules for taking a deduction for all or part of each loss.
After studying the materials in Chapter 4, answer the exam questions 70 to 83.
1. Recognize the effect that debt cancellation has on net worth and potential income inclusion from cancellation of indebtedness income, identify exceptions to the general income inclusion rule and their tax effect.
2. Specify the reduction of tax attributes on cancellation identifying any special basis reduction rules, recognize the depreciable property election, and determine what constitutes individual, partnership and S corporation bankruptcies and the variables used in characterizing shares as nominal or token.
3. Determine gain or loss resulting from foreclosure or repossession in-cluding its timing and character, identify reporting and filing requirements of such items, and specify the tax danger of acquiring one’s own debt at a discount.
After studying the materials in Chapter 5, answer the exam questions 84 to 92.
1. Select which §1038 repossession rules apply to a transaction, and determine basis and gain or loss resulting from repossession of personal property using installment method and the non-installment method sales.
2. Identify the distinctions between the rules, calculations and effects of repossessions of personal and real property, and specify when a §166 bad debt deduction may be taken if the seller repossesses real property.
After studying the materials in Chapter 6, answer the exam questions 93 to 99.
c. Specifying the forms used to report bad debts and the tax treatment of recovered amounts.
c. Identifying methods that can be used by businesses to treat uncollectible amounts and the rules that apply to each.
After studying the materials in Chapter 7, answer the exam questions 100 to 104.
1. Specify ways to manage an incompetent person’s estate, recognize joint tenancy and its benefits, and identify the levels of conservatorship that can influence assistance in management and protection of an estate and/or personal care.
2. Recognize durable powers and funded revocable living trusts and their uses and limitations in elderly and disabled planning.
3. Identify the eldercare benefits of Medicare and Medicaid, countable income and asset groupings under Medicaid.
4. Determine available health care decisions such as having a living will, identify the distinctions between Supplemental Security Income and Social Security disability benefits, determine SSI asset groups, and specify requirements for SSI and Social Security disability benefits.
After studying the materials in Chapter 8, answer the exam questions 105 to 112.
3. Specify estate-planning goals, and recall the benefits and drawbacks of the primary dispositive plans.
4. Identify various types of estate trusts and the family documents that every taxpayer should consider, and determine the advantages and disadvantages of the former private annuity format.
After studying the materials in Chapter 9, answer the exam questions 113 to 120.

References: §108
 §1038
 v. 
 §1041
 §1041
 §1041
 §170
 §165
 §1038
 §166