Checkpoint Learning

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Tax Issues Involving Debt: Definitions, Bad Debt Deductions, and Cancellation of Indebtedness Income  

CATEGORY: Taxation
4 CPE Credits
Level: Basic
Understanding “debt” and its tax consequences to borrowers and lenders is important, but challenging. In order to reduce the economic costs of bad debts, it is important to understand the tax provisions applicable to partially worthless, wholly worthless, secured, and non-business bad debts, including what is a “bad debt” for tax purposes. On the borrower side, many tax issues are presented in the context of debt workouts and bankruptcy, particularly those involving LLC's, S-corporations, and other pass-through entities. This course addresses the tax definition of debt, rules for claiming bad debt deductions, the creation and exclusion of cancellation of indebtedness income, and consequences of debt workouts on borrowers, including pass through entities. 

Instructor: Jennifer Kowal, JD
Instructor assignments are fluid and subject to change

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