Tax Aspects of Bankruptcy and Insolvency – Webcast

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Sep 18, 2020

Registration: 7:30 AM / Program: 8:00 AM - 4:00 PM Pacific Time

Fees

Member Fee: $295.00
Nonmember Fee: $395.00

Available Discounts

AICPA Member: None
Full time Accounting Educator: -147.00

Description

This hands-on, one of a kind course, enables the participant to master the income tax effects of debt relief both outside of bankruptcy (through loan workouts, foreclosure and repossession) and inside a federal bankruptcy case.

Designed For

CPAs and other interested persons interested in understanding the income tax effects of debt relief either without the surrender of secured property involved or foreclosure or repossession of secured property.

Objectives

To enable participants to master both the basic income tax compliance duties and income tax planning opportunities surrounding the forgiveness of debt (either through informal loan workouts or bankruptcy), surrender (to a secured creditor) of problem real estate and other property and the tax effects of bankruptcy.

Major Subjects

  • Taxation of forgiveness of indebtedness income    
  • Income tax effect of foreclosure, deed in lieu of foreclosure and repossession
  • §108 exclusions for debt forgiveness income                                                
  • IRS Form 982 and related tax attribute reduction                           
  • OID rules re: debt modification                        
  • Tax planning: manipulation of timing and expense                                     
  • Bankruptcy tax elections     
  • Insolvency computation worksheet                          
  • Qualified real estate indebtedness, qualified farm indebtedness, reduction of purchase money debt and more

Leaders

Bradley Burnett

Bradley Burnett, J.D., LL.M., is a practicing Colorado tax attorney with 33 years of tax practice experience. His practice emphasis is on tax planning and tax controversy resolution. He also prepares a handful of tax returns. Prior to establishing his own law firm in 1990, he practiced tax accounting with national and local CPA firms, worked as a trust officer for a Denver bank and managed the tax department as partner in a medium-sized Denver law firm. After receiving his undergraduate degree in accounting and law degree (J.D.), he earned a Master of Laws (LL.M.) in Taxation from the University of Denver School of Law Graduate Tax Program.

Mr. Burnett has delivered more than 3,000 presentations on U.S. tax law throughout all fifty U.S. states, Washington, D.C., the Bahamas, Italy, Greece, Turkey and Canada. He has authored texts of 35 CPE courses. Bradley served as adjunct professor at the University of Denver School of Law Graduate Tax Program, where he pioneered an employment tax course and occasionally pinch hit teaching the IRS practice and procedure topic. He has appeared on television answering tax questions for call-in viewers of Denver NBC affiliate KUSA Channel 9. Brad received the Illinois Society of CPAs Instructor Excellence Award for teaching in Chicago and five times has been the top rated, most requested instructor for CPA Society annual tax conferences. Burnett’s seminar style is to deliver the subject matter in briskly paced, enthusiastic and witty fashion. His forte’ is the candid communication of practical ideas relating to tax law.