Taxation and Accounting Issues With Debt Restructuring, Modifications, and Bankruptcies

$199.00

SKU: 410526

Description

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.

Date: 2023-04-12 Start Time: 1:00 PM ET End Time: 2:40 PM ET

Learning Objectives

* You will be able to identify the business exigencies that create a need to refinance existing debt.

* You will be able to describe the transactions which give rise to debt forgiveness.

* You will be able to discuss how to quantify the amount of any debt forgiveness income.

* You will be able to review the exclusions to income recognition in the case of bankruptcy or insolvency.

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

AIPB ,CLE (Please check the Detailed Credit Information page for states that have already been approved) ,Enrolled Agents ,IAPP ,CPE ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.

Nick Gruidl-RSM US LLP, Darian Harnish – RSM US LLP, Patrick Phillips – RSM US LLP