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Taxation and Accounting Issues With Debt Restructuring, Modifications and Bankruptcies

Provides solutions to better anticipate the tax consequences related to the debt forgiveness or refinancing transactions.

Businesses often begin to face financial difficulties, either due to a change in the status of an industry or unforeseen downturns in the business. These downturns often require a refinancing of existing debt in order to allow for adequate debt service. Having a firm understanding of the tax rules around debt forgiveness and bankruptcy allows clients and their advisors to better anticipate the consequences of these refinancing transactions and prepare for the impact. This topic provides tools to be able to identify the transactions which result in a debt modification for tax purposes, and provides solutions to better anticipate the tax consequences related to the debt forgiveness or refinancing transactions.

Runtime: 101 minutes
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Why Lorman?

Over 32 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

Introduction - When Are the Tax Debt Modification Rules Relevant?

  • Bankruptcies
  • Insolvencies
  • Other Refinancing Transactions / Debt Modifications

The Impact of COD Income

  • General Rules on Recognition
  • Exclusions Available
  • The Government Taketh Back - Attribute Reduction
  • Nuances in Consolidation
  • Sections 382(l)(5) and (l)(6) and the impact of the Proposed Section 38 Regulations
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Why Lorman?

Over 32 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 Webinar

This course was last revised on October 8, 2019.

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

  • Enrolled Agents 2.0
     
  • This program qualifies for 2.0 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.

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.75
     
  • NJ CLE 2.0
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.75
     
  • WV MCLE 2.0
     
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.

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.75
     
  • NJ CLE 2.0
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.75
     
  • WV MCLE 2.0
     
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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More Program Information

Why Lorman?

Over 32 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

Nick Gruidl

Nick Gruidl

RSM McGladrey Inc.

  • Partner in RSM McGladrey Inc.’s Washington National Tax Practice
  • Practice emphasizes all aspects of mergers and acquisitions
  • Written several publications related mergers and acquisitions, specifically related to certain aspects of troubled company restructurings
  • B.A. degree, accounting, Augsburg University; M.B.T. degree in taxation, University of Minnesota
  • Can be contacted at [email protected]
Patrick Phillips

Patrick Phillips

RSM McGladrey Inc.

  • Senior manager in RSM McGladrey Inc.’s Washington National Tax Practice
  • Practice emphasizes all aspects of mergers and acquisitions
  • Licensed to practice law in Pennsylvania
  • LL.M. and J.D. degrees, Villanova University School of Law; B.A. degree in government and international studies, University of Notre Dame
  • Can be contacted at [email protected]
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Why Lorman?

Over 32 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.

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Product ID: 406412
Published 2019
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