The National Association of Tax Professionals

The National Association of Tax Professionals

Advanced Cancellation of Debt (COD) Topics

  • Topic(s): Individual
  • Presenter(s): Lisa Ihm EA
  • Session#: 931-02
  • Session Length: 100 minutes
  • Program: 2011 National Conference
  • Date: Aug 16, 2011
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Advanced Cancellation of Debt (COD) Topics - Details:

By now, you've probably had some exposure to COD issues and how to handle them on a tax return, so in this session we'll skip right to the hard stuff, the gray areas and the planning that can make a big difference for your clients in financial distress. Find out if there is any wiggle room in the sales price you use and the huge impact it could have on the outcome of the tax return. Learn how to determine the value of a pension for the insolvency calculation and how leases enter into that calculation. Compare the validity of a debt being pursued by a bank vs. one being pursued by a scavenger. Understand how laws in other states affect COD issues related to properties located there. Examine the tax difference between a foreclosure, short sale and bankruptcy. We'll shed light on the COD issues where there is not clear guidance from the IRS about how to report transactions. You will also learn of COD issues that you didn't know were issues. It's recommended you complete Beginning COD Topics before taking this session.