Provide solutions to better anticipate the tax consequences related to 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 the 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 identify the transactions which result in a debt modification for tax purposes and provides solutions to better anticipate the tax consequences related to debt forgiveness or refinancing transactions.
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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
Overview - 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 revised on April 12, 2023.
Call 1-866-352-9540 for further credit information.
- AIPB 2.0
- This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
- AK CLE 1.5
- Alaska attorneys may receive 1.5 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
- AL CLE 1.7
- This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.7 hours credit.
- AR CLE 1.5
- This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
- Arizona CLE 1.5
- The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
- CA MCLE 1.5
- Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
- CT CLE 1.5
- Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.5 CLE credit(s).
- GA CLE 1.5
- This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.5 CLE hours.
- HI CLE 1.5
- This program was approved by the Hawaii State Board of Continuing Legal Education for 1.5 CLE credit hours.
- MO CLE 2.0
- This course qualifies for self-study CLE credit in Missouri.
- ND CLE 1.5
- North Dakota CLE policy does not allow for pre-approval of any self-study courses. This course may qualify for up to 1.5 hours of CLE credit.
- NH MCLE 1.7
- NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 102 Minutes.
- NM CLE 1.7
- This program has been approved by the New Mexico Minimum Continuing Legal Education Board for 1.7 hours of credit.
- NV CLE 1.5
- This program has been approved by the Nevada Board of Continuing Legal Education for 1.5 CLE hours.
- OH CLE 1.75
- This course has been approved by the Ohio Supreme Court Commission on Continuing Legal Education for 1.75 CLE credit hours. Please note: No more than twelve (12) hours of self-study CLE credit for any biennial reporting period may be earned by an Attorney or Judge under Regulation 409.2. To fulfill CLE requirements for self-study, web-based programs, you must complete 100% of the polling questions during the program. Your hours will be filed electronically within thirty (30) business days by Lorman Education Services provided you fulfilled 100% attendance and polling questions answered.
- PA CLE 1.5
- This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.5 hours of substantive law, practice and procedure CLE credit.
- RI CLE 2.0
- This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 2.0 hours of CLE credit.
- VT CLE 1.5
- This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hour(s) of CLE credit. Please note: Attorneys may only claim 12 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
- WI CLE 2.0
- This program qualifies for 2.0 hour(s) of ondemand CLE through the WI Board of Bar Examiners.
- WV MCLE 2.0
- This program has been approved by the West Virginia State Bar MCLE Commission for 2.0 MCLE hours.
Enrolled Agents 2.0
- In accordance with the standards set forth in Circular 230 section 10.6, CE credits have been granted based on a 50-minute hour. This program qualifies for 2.0 Continuing Education Credit(s) for enrolled agents.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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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]
Darian Harnish
RSM US LLP
- Senior manager in RSM’s Washington National Tax Practice
- Darian focuses on all aspects of accounting for income taxes
- Certified Public Accountant, licensed in Maryland and the District of Columbia
- M.S.A. degree with a concentration in tax, James Madison University
- 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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More Program Information
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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