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| Author : | Danny C Santucci, JD |
| Course Length : | Pages: 0 ||| Word Count: 14,925 ||| Review Questions: 0 ||| Final Exam Questions: 10 |
| CPE Credits : | 2.0 |
| IRS Credits : | 2 |
| Price : | $17.95 |
| Passing Score : | 70% |
| Course Type: | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents |
| Technical Designation: | Technical |
| Primary Subject-Field Of Study: | Taxes - Taxes for Course Id 662 |
| Description : | The Bankruptcy Abuse Prevention and Consumer Protection Act was enacted to minimize abuse of the bankruptcy system. Included in this Act were tax law changes and other changes that individuals, partnerships, and corporations will see in the bankruptcy procedures and qualifications. This mini-course both examines these changes that debtors will face when filing for federal bankruptcy and also explores the many tax issues of bankruptcy. Practitioners will also learn about other issues such as homesteading and garnishment by creditors. |
| Usage Rank : | 12857 |
| Release : | 2024 |
| Version : | 1.0 |
| Prerequisites : | General understanding of federal income taxation. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
What You Need to Know About Bankruptcy
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| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 22-May-2024 |
| NASBA Course Declaration : | Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam. |
| Approved Audience : | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents - 662 |
| Keywords : | Taxes, Bankruptcy, Tax, Issues, Mini, Course, cpe, cpa, online course |
| Learning Objectives : |
As a result of studying the assigned materials, you should be able to meet the objectives listed below. ASSIGNMENT
* Bankruptcy types * Automatic stay * Preferences * Priorities * Debt discharge * Individual bankruptcy estate * Individual debtor * Corporate bankruptcy * Homesteading & garnishment
2. Determine the impact of an automatic stay, the treatment of preferential transfers, the priority of claims, and the discharge of debts. 3. Recognize the creation and taxation of an individual bankruptcy estate specifying partnership & corporate bankruptcy differences. 4. Identify the scope of and special rules for homesteading and garnishment. |
| Course Contents : | Chapter1 - Bankruptcy Tax Issues Federal Bankruptcy Means Testing State Median Income Test Means Test Credit Counseling Tax Law Changes Chapter 13 "Super discharge" Subordination of Ad Valorem Tax Liens Interest on Tax Claims Tax Returns Bankruptcy Types Chapter 7 - Liquidation Exempt Assets Availability Trustee Appointment Chapter 11- Reorganization Availability Creditors’ Committee Reorganization Plan Chapter 13 - Wage-Earner Plan Availability Repayment Plan Trustee Appointment Automatic Stay Tax Assessment Suspension of Statute of Limitation Immediate Assessment Levy Tax Court Tax Court Petition Preferences Trust Fund Taxes Allocation of Tax Payments Priorities Super Priority Claims Secured Claims Federal Tax Liens Priority Claims Tax Claim Determination Refunds Priority of Tax Claims Second Priority Tax Claims Third Priority Tax Claims Four Generates Priority Eight Tax Claims Eighth Priority Tax Claims Debt Discharge Chapter 7 Discharge Chapter 11 Discharge Chapter 13 Discharge Discharge of Taxes Tax Liens Individual Bankruptcy Estate Separate Entity Tax Attribute Carryovers Termination of the Estate Filing Requirements Disclosure of Return Information Taxable Income Taxable Year Gross Income Deductions & Credits Administrative Expenses Net Operating Loss Carryback Transfers to Debtor Partnership & S Corporation Interests Request for Prompt Determination of Liability Tax Liability Individual Debtor Tax Year Election Annualizing Taxable Income Making the Election Later Bankruptcy of Spouse Election Considerations Transfers between Debtor & Estate Net Operating Loss Carryback Limitation Partnership Bankruptcy No Separate Estate Discharge of Debts Corporate Bankruptcy Exemption Return Filing Personal Holding Company Tax Tax-free Reorganizations §354, §355, & §356 Corporate Liquidations under Chapter 7 Carryover of Tax Items - §381 & 382 Bankruptcy Exception Reduction of Carryforwards Section 269 Presumption Homesteading Types of Homesteads Property & Equity Covered Who Can Homestead? Excluded Debts Garnishment Glossary |
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