Course Details

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Course name:

Cancellation of Debt - 2008

Course number:

1015N.08

Number of questions:

Review: 15
Final exam: 15

Prerequisite:

None

Course level:

Basic

Recommended CPE credit:

3 CPE hourse

Recommended study time:

3 hours

Course format:

Interactive self study

CPE credit calculated as 100% of total study time (i.e. 50 minute hour)

Reference text:

IRS 2008 Publication 4681: Canceled Debts, Foreclosures, Repossessions, and Abandonments and related video transcript (free download)
25 pages

Course last updated:

May 20, 2009

Subject classification:

Taxation

Learning objectives:

• Gain an understanding of the federal tax treatment of canceled debts, foreclosures, repossessions, and abandonments and

• Review the general rule requiring canceled debt to be included in income, exceptions to the general rule, exclusions from the general rule and the ordering rules for reduction of tax attributes.