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

Conducted on Wednesday, March 13, 2013

Recorded event now available

or call 1-800-926-7926
Program Materials

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.

Description

With bankruptcies and loan workouts still on the rise, tax professionals must be familiar with complex tax treatment for pass-through entities and their owners pertaining to cancellation of debt income and application of the insolvency exception.

Tax professionals must recognize the differences in applying Section 108 for cancellation of debt income for S corporations, LLCs and partnerships, and the entities’ owners. You must also understand how to analyze Forms 1099-C and 982. Application of the insolvency exception is key.

Listen as our panel reviews the rules and offers guidance regarding the tax treatment of cancellation of debt income for pass-through entities, distinguishing between the application of Sec. 108 for partnerships, S corporations, LLCs and the entitites’ owners. The panel will explain how to analyze Forms 1099-C and 982, and the application of the insolvency exception.

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Outline

  1. Transactions creating CODI and analyzing Forms 1099-C and 982
  2. Tax treatment for pass-through entities
  3. Application of Sec. 108 deferring or excluding income
  4. Application of insolvency exception
  5. 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

Barnett, Robert
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

Renato Matos
Renato Matos
Partner
Capell Barnett Matalon & Schoenfeld

Mr. Matos' practice concentrates on corporate, taxation and real estate law, including stock...  |  Read More

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