Course Information
Debt: Selected Debt Related Issues
Course Information
| Title: | Debt: Selected Debt Related Issues |
|---|---|
| Category: | Taxation |
| Field of Study: | Taxes |
| Course Code: | M116 |
| CPE Credits: | 2.0 |
| Price: | 14.95 |
Description
Description:
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.
Delivery Method: Online Interactive Self Study
Level: Overview
Prerequisites: None
Advanced Preparation: None
Course Details
Category: Taxation
Field of Study: Taxes
Passing Score: 70%
Technical Details: Taxation is a technical field of study for all states.
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Objectives
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 and, 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.
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Profession
NASBA: Yes
QAS: Yes
CPA: Suitable for all CPAs
IRS: IRS credit for Enrolled Agents.
Profession Identifiers: CPA, EA