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.
Learning Objectives
- You will be able to identify the business exigencies that create a need to refinance existing debt.
- You will be able to differentiate between the types of debt.
- You will be able to identify the exclusion types and the correct order.
- You will be able to recognize tax attributes and the impacts with CODI.
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Why Lorman?
Over 37 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 37 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 reviewed on July 25, 2023.
Call 1-866-352-9540 for further credit information.
CPE/NASBA - QAS Self Study 2.5 including Taxes 2.5
- Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.5 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 2.5 hours. Prerequisite: basic knowledge of taxation. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
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Why Lorman?
Over 37 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
RSM US LLP
- Partner in RSM McGladrey Inc.’s Washington National Tax Practice
- Practice emphasizes all aspects of mergers and acquisitions
- Has written several publications related to 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
RSM US LLP
- 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 37 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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