The National Association of Tax Professionals

The National Association of Tax Professionals

Debt Cancellation

  • Topic(s): Federal Tax Law
  • Presenter(s): Steve O'Rourke
  • Session#: 923-13
  • Session Length: 50 minutes
  • Program: NATP 2013 Tax Forums
  • Date: Aug 20, 2013
Product Name Price
Audio MP3 (download)
$15.95
AudioPoint for Mobile Device - MP4 (download)
$24.95
AudioPoint for Computer DVD-ROM (ship)
$24.95

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Debt Cancellation - Details:

This session explores the basics of debt cancellation. Tax professionals deal with clients in financial distress often in these economic times. The subtleties of the various transactions in this area, as well as changing laws make continual review essential.
Upon completion of this course, the learner will be able to:
  • Explain the tax consequences to debtors who default, renegotiate or settle their debt for less than the full amount owed.
  • Describe the proper use of Forms 1099-A and 1099-C by debtors.
  • Determine if debt is recourse or nonrecourse.
  • Describe what tax attributes are and how they impact cancellation of debt income.