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CPE Event Information

CPA's Guide to Tax Planning for Debt Cancellation and Restructuring
Event Code: SB105
Date: June 27, 2012
Location: KAMU TV FM Studio
CE Credit(s): 8.00
TSCPA Member Fee: $195.00

CPAs in Public Practice

What happens for tax purposes when a loan is restructured? What happens on a short sale? What about on a foreclosure? Tax rules vary widely depending on the type of entity that is the debtor, the business of the debtor, whether the debt is recourse or non-recourse and the terms of the transaction. In this all-new ACPEN course, our panelists will explore the special rules, under Internal Revenue Code Section 108, for exclusion of cancellation of debt including special rules applicable to partnerships, purchase price adjustments and contributions to capital.

Participants will receive a review of the rules on debt cancellation in bankruptcy, when the debtor is insolvent, and when the debt is qualified farm indebtedness. In addition, our panel of experts will review the rules for the elective exclusion of qualified real property business indebtedness. We will also review and explain the required reduction in tax attributes. Some debt cancellation can also impact your estate and gift planning. In this complex area there are traps for the unwary and opportunities for planning!