21CF-TAXX: MNCPA Tax Conference (TAX21) (Virtual Only)
D2. Income Tax Issues with Bankruptcy and Cancellations of Indebtedness
Speaker:
Edward Zollars
Mon, 1:00 pm - 1:50 pm
CPAs and advisers don't normally have to deal with the complexity of cancelled debts until times get tough. And with ongoing uncertainty amid the pandemic, times are tough for many right now. Make sure you understand the current rules so you can help clients avoid negative tax impacts. Learn how to determine when a debt is deemed cancelled for federal income tax purposes, and how to apply the appropriate exclusions under Section 108. Plus, explore the special rules for partnerships and S Corporations with cancellation of debt issues.
NASBA field of study: Taxes - Technical (1)
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