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#: 934-18
  • Session Length: 100 min
  • Program: NATP National Conference 2014
  • Date: Aug 11, 2014
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Debt Cancellation - Details:

Is the economy finally turning around? Regardless of the answer, chances are you've had some exposure to cancellation of debt. This session analyzes Form 1099-C and focuses on utilizing the various exclusions available, completing Form 982, implementing the exclusion ordering rules and applying the reduction of tax attributes. Discover the strategies and consequences of debt cancellation issues and the potential impact on the tax return. Learn how to compute depreciation after reducing basis in business use property.