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Tax Planning for Financially-Troubled Businesses

Gain insight into the tax rules regarding debt restructuring, permitted takings and foreclosures.

This topic will provide comprehensive coverage of how the basic income tax rules and regulations apply as between the bankrupt debtor and the debtor's bankruptcy estate; the application of the IRC §108 rules and regulations regarding income recognized from the discharge of indebtedness, both outside of bankruptcy and in the bankruptcy case; opportunities to litigate the validity of federal and state tax assessments in a bankruptcy case without the taxpayer being required to pay the tax first and then file a claim for refund; the IRC §382 rules on NOL loss carryovers after a change of control, both inside and outside the bankruptcy case; the special §382 rules applicable to Chapter 11 cases; the special rules under IRC §269 regarding NOLs in acquisitions made for the principal purpose of evasion or avoidance of Federal income tax; the rules on dischargeability of taxes in bankruptcy; and the treatment of tax claims under the Bankruptcy Code in Chapters 7, 11 and 13 cases. You will learn if and when a debtor should consider filing a bankruptcy case before engaging in transactions that will result in a discharge of, or release from liability for indebtedness, whether secured or unsecured, including in transfers of encumbered property to a secured lender in satisfaction of the indebtedness.

Runtime: 96 minutes
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Special Federal Tax Rules Relating to Individuals and Other Noncorporate Entities in Bankruptcy

  • Computation and Payment of Tax
  • Taxable Year of Debtors and the Bankruptcy Estate
  • Income, Deductions and Credits of Bankruptcy Estate
  • Estate Succeeds to Tax Attributes of Debtor
  • Debtor Succeeds to Tax Attributes of the Estate
  • Treatment of Transfers Between Debtor and Estate
  • Special Tax Rules Relative to State Income Taxes

General Rules of IRC Section 108 - Income From Discharge of Indebtedness

  • General Rule
  • Exceptions to General Rule
  • Consequences of Exclusion
  • Complexity of Rules Dictates Extreme Caution
  • Attribute Reduction Applies to Estate in Bankruptcy

Bankruptcy Court as a Tax Litigation Forum

Availability of NOLs - Ownership Change - Brief Overview

General IRC Section 382 Limitation Rules

  • Overview
  • The Section 382 Limitation
  • Special Rules for Mid-Year Ownership Changes
    • Taxable Income
    • Net Operating Loss
    • Section 382 Limitation Applied to Year of Change
  • Special Rules for Built-in Gains and Losses
    • Net Unrealized Builtin Gain or Loss
    • Recognized Builtin Gains
    • Recognized Builtin Losses
  • Continuity of Business Enterprise Test
  • Planning If an Ownership Change Is Not Avoidable

Special Bankruptcy Rules - IRC Section 382(l)(5)

Election out of the Bankruptcy Exception - IRC Section 382(l)(6)

Application of IRC Section 269

Additional Issues Pertinent to Bankruptcy

Dischargeability of Taxes in Bankruptcy

Treatment of Tax Claims in Chapter 11

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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on December 20, 2019.

Call 1-866-352-9540 for further credit information.

  • Enrolled Agents 1.0
     
  • This program qualifies for 1.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Dale Baringer

Dale Baringer

THE BARINGER LAW FIRM II, L.L.C.

  • Has over 38 years of experience in the practice of law
  • He is certified by the Louisiana State Bar Association as a specialist in the field of taxation
  • Areas of emphasis in practice are in the fields of tax law (planning, business transactions, dispute resolution and tax litigation), securities law, bankruptcy law (with emphasis on representation of creditors, creditor committees, trustees and Chapter 11 work), corporate law, commercial and business litigation, corporate takeovers, business organizations, personal injury law, professional malpractice, mergers and acquisitions, employment law, ERISA litigation, life/accident and health insurance law, wills, trusts, estate planning, successions and estate administration
  • Has trial experience in all federal district courts in Louisiana, many of the Louisiana state district courts, and the U.S. Tax Court
  • Serves as owner and manager of Nationwide 1031 Exchange Professionals, L.L.C. and Nationwide E.A.T., L.L.C., which provide services as a like-kind exchange intermediary and exchange accommodation title holder, respectively, for IRC ยง1031 like-kind exchange transactions
  • Frequent presenter of seminar programs in the fields of taxation, bankruptcy, business organizations, trial practice, ethics and professionalism
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!

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Questions? Call 877-296-2169 to speak with a real person.

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Product ID: 406731
Published 2019
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