$15 | 3 CPE hours |

Course No. 101509 | View study guide/ outline

Text: IRS Publication 4681 (free download) 24 pages

Format: Interactive self-study | 50-minute hour credit

Subject classification: Taxation

Exam questions: Review - 15 | Final - 15

Prerequisites: None

Advance preparation: None

Course level: Overview

Course last updated: May 7, 2010

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.