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Bankruptcy Accounting And Tax Considerations

Webinar: ID# 1038471
Recorded On-Demand
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About This Course:
As result of the possibility of significant bankruptcy during this time, it is important that practitioners have a working knowledge of the issues that face an individual who files a Chapter 7 or Chapter 11 bankruptcy.

Since the biggest debt that a bankrupt individual faces is debt on real property including a personal residence, a practitioner needs to understand what tax impacts arises as a result in a discharge in some portion of the amount outstanding.

This webinar will help you be able to have an understanding of the rules surrounding forgiveness of debt, restructuring of debt and the impact of taxable income.What You'll Learn:Introduction Into Presentation, Bankruptcy Law and What Impacts It
  • Forgiveness of Debt and the Impact to Taxable Income
  • Taxable Gain for the Restructuring of Debt
Identifying Tax Attributes and How They Are a Result of Bankruptcy
  • The Elimination of Tax Attributes That Result From Bankruptcy
  • An Analysis of the Debts That Are Not Discharged and the Tax Related Issues
Discussing Debts That Are Not Just in Bankruptcies
  • What Is the Responsibility Person Liabilities Rule and the Related Bankruptcy Impact
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Bankruptcy Accounting And Tax Considerations
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