Cancellation of Indebtedness Income for Pass-Through Entities
Navigating Complex Tax, Exclusion and Deferral Issues Arising in Forms 1099-C and 982
Recording of a 110-minute CPE webinar with Q&A
This teleconference will provide guidance on handling cancellation of debt income for pass-through entities, including tax treatment to partnerships, S corps, LLCs and their owners. The panel will outline ways to defer or exclude the income arising from the cancelled debt and understanding Form 1099-C.
Outline
- Transactions creating CODI and analyzing Forms 1099-C and 982
- Tax treatment for pass-through entities
- Application of Sec. 108 deferring or excluding income
- Application of insolvency exception
- Qualified real property business indebtedness
Benefits
The panel will review these and other key questions:
- What complexities should tax professionals be cognizant of when determing ways to defer or exclude income resulting from cancellation of debt?
- What differences should tax professionals consider involving the application of Sec. 108 for cancellation of debt income for S corporations, LLCs and partnerships, and the entities’ owners?
- How should tax professionals report debt excluded under insolvency in a partnership?
Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.
Faculty
Robert S. Barnett, CPA
Partner
Capell Barnett Matalon & Schoenfeld
Mr. Barnett’s practice is highly concentrated in the areas of taxation, trusts, estates, corporate and... | Read More
Mr. Barnett’s practice is highly concentrated in the areas of taxation, trusts, estates, corporate and partnership law and charitable planning. His experience includes surrogate’s court practice, tax dispute resolution in both federal and state jurisdictions, and tax court representation. Mr. Barnett frequently assists clients in structuring financial transactions and charitable gifts. His articles and lectures encompass a wide variety of topics, including business succession, estate planning, generation-skipping, stock options, effective strategies for removing tax liens, proper utilization of the marital deduction and utilization of partnership elections.
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Renato Matos
Partner
Capell Barnett Matalon & Schoenfeld
Mr. Matos' practice concentrates on corporate, taxation and real estate law, including stock... | Read More
Mr. Matos' practice concentrates on corporate, taxation and real estate law, including stock purchases/sales, asset purchases/sales, mergers and acquisitions, corporate governance and entity formation, with a particular focus on tax structuring and strategic business planning.
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