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Surgent's Individual Forgiveness of Debt Issues: Primary Residence, Credit Cards, Vacation (IFDI)
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As a general rule, cancellation of debt income is includible in gross income. There are however, some important exceptions to this general rule under Section 108. This program will discuss how the exceptions to the rule for the general inclusion of cancellation of debt income work as they relate to individual taxpayers. Given the general state of the economy, it is highly likely that tax practitioners will encounter questions relating to cancellation of debt and will benefit from the practical d

7/10/2015
When: 7/10/2015
11:00 AM - 1:00 PM
Where: Webcast/Webinar
Presenter: Mike Tucker, Ph.D., LL.M., J.D., CPA | Ian Redpath, J.D., LLM
Contact: April Deneault
801-834-6634

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As a general rule, cancellation of debt income is includible in gross income. There are however, some important exceptions to this general rule under Section 108. This program will discuss how the exceptions to the rule for the general inclusion of cancellation of debt income work as they relate to individual taxpayers. Given the general state of the economy, it is highly likely that tax practitioners will encounter questions relating to cancellation of debt and will benefit from the practical debt-forgiveness topics covered in this program.

Objectives:

* Understand the exceptions that relate to individual taxpayers regarding the general rule that all forgiveness of debt is includible in gross income

Major Subjects: 

* General rule of income inclusion for forgiveness of debt income * Specific exclusions from gross income for certain types of debt forgiveness * How to determine if an individual is insolvent * Reduction of tax attributes * Qualified principal residence indebtedness * Forgiveness of student loans

 

Designed For:

Any tax practitioner wishing to learn about the exceptions to the general rule that forgiveness of debt must be included in income

Prerequisite: A basic understanding of the tax rules relating to individual income tax

Advanced Prep: None

 

Speaker: Mike Tucker, Ph.D., LL.M., J.D., CPA | Ian Redpath, J.D., LLM

Vendor: Surgent McCoy

Field of Study: Taxes (2)

Level: Intermediate

CPE Credit: 2 Hours

Acronym: IFDI

 

Registration Fees: $89

  

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