Debt ON DEMAND
Available Until
Your Desk
2.0 Credits
Member Price $58.00
Non-Member Price $67.00
Overview
This mini course brings the practitioner information on tax issues affecting interest and debt. The various types of interest and their required allocation are explored and reviewed. For the economically troubled client, special attention is devoted to debt cancellation, repossession, discounts, and foreclosure. The program also discusses installment sales, taxable interest, and bad debts.
Highlights
Deductible interest and debt. Allocation of deductible interest. Taxable interest. Installment sales. Debt cancellation and foreclosure. Bad debts.
Prerequisites
None.
Designed For
CPAs, financial professionals, enrolled agents, and attorneys.
Objectives
Determine whether the various types of interest are tax deductible or nondeductible and cite the imputed interest rules in the context of debt instruments. Identify the interest allocation rules and the allocation period for a loan. Recognize the allocation of loan proceeds that are deposited in an account. Determine the tax treatment of interest that is earned on such items as income on frozen deposits and U.S. Savings Bonds. Recognize what constitutes the installment method, specify the parts of each payment on an installment sale, and cite the consequences of pledging installment obligations. Identify exceptions to the general income inclusion rule and specify bad debt categories specifying the impact of nonbusiness bad debt recovery.
Preparation
None.
Notice
None.
Leader(s):
Leader Bios
Danny Santucci, Western CPE
Danny Santucci, BA, JD, is a prolific author of tax and financial books and articles. His legal career started with the business and litigation firm of Edwards, Edwards, and Ashton. Later he joined the Century City entertainment firm of Bushkin, Gaims, Gaines, and Jonas working for many well-known celebrities. In 1980, Danny established the law firm of Santucci, Potter, and Leanders in Irvine, California. With increasing lecture and writing commitments, Danny went into sole practice in 1995. His practice emphasizes business taxation, real estate law, and estate planning. Speaking to more than 100 groups nationally each year, he is known for spicing up his extensive expertise with an incredible sense of humor.
Non-Member Price $67.00
Member Price $58.00