Source: https://jncpe.com/courses/tax-bankruptcy-financial-problems-19-5-hrs/
Timestamp: 2019-09-17 21:47:04
Document Index: 753161447

Matched Legal Cases: ['§1041', '§1041', '§170', '§165', '§1038', '§166', '§166']

Tax, Bankruptcy and Financial Problems (19.5 hrs) • JN CPE Courses for CPAs
Tax, Bankruptcy and Financial Problems (19.5 hrs)
July 26, 2018 by	jn 0 Comments
Tax, Bankruptcy and Financial Problems – 19.5 hrs. CPE
Course No. 9030
Format: Online pdf (423 pages). Printed book available.
CPE Credit: 19.5 hrs.
1. Determine how the 2005 Bankruptcy Act changed procedures, qualifications and tax law, and identify the most common bankruptcy types recognizing their influence on how an individual or business “goes bankrupt.”
2. Specify the rules for automatic stay and levy identifying their impact on “freezing” creditor activity, tax assessment, and collection.
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.
1. Recognize the goals and purposes of asset protection and the objections about shielding assets from creditors by:
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.
a. Determining the asset protection elements of homeowner’s, au-tomobile and disability insurance;
a. Citing the use of individual ownership and corporate ownership in an asset protection plan, the importance of S corporations and their estate tax planning advantages;
b. Identifying testamentary trusts, living trusts, their subcategories and asset protection elements;
c. Specifying the types of co-tenancy and their asset protection dangers, and identifying types of partnerships and their variation from limited liability companies; and
Medical, Charitable and Casualty
* Pre- & Post-2018 Casualty & theft losses
b. Determining what constitutes medical savings accounts and their differences with health savings accounts, and citing the benefits and qualifications of HSAs including their relationship with high deductible health plans; and
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.
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.
Chapter 6 Repossession
* Non-installment method sales
* Installment method sales
* Basis of repossessed personal property
* Figuring gain on repossession
* Seller’s former home exception
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.
* Totally worthless bad debts
* True debt
* Mechanics’ liens
* Reporting & recovery
* Former business bad debts
* Insolvency of a partner
* Business loan guarantees
* Specific charge-off method
* Nonaccrual-experience accounting method
1. Determine bad debt categories, their tax treatment and effect on accounting and reporting by:
a. Recognizing the concepts of worthlessness and true debt specifying the unique characteristics of deductible nonbusiness bad debt;
b. Identifying the treatment of bad debts related to political debts, mechanics’ liens and secondary liabilities on home mortgages; and
c. Specifying the forms used to report bad debts and the tax treatment of recovered amounts.
2. Identify the qualifications for §166 tax treatment of business bad debts by:
a. Recognizing the tax treatment of business credit transactions, loan guarantees, accounts receivable or notes receivable including the tax treatment of accounts receivable in a sale and specifying the various forms on which a bad debt deduction should be taken based entity type;
b. Determining the tests to be met by an accrual method business in taking a bad debt deduction for a political debt and specifying the tax consequences of the insolvency of a partner when a partnership terminates with debts owed; and
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.
Chapter 8 Elderly & Disabled Planning
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.
a. Identifying the elements of estate tax planning that have remained unchanged by recent legislation;
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.