Bankruptcy Tax Issues (2 Hrs)

Course Description

Bankruptcy Tax Issues

The Bankruptcy Abuse Prevention and Consumer Protection Act was enacted to minimize abuse of the bankruptcy system. Included in this Act were tax law changes and other changes that individuals, partnerships, and corporations will see in the bankruptcy procedures and qualifications. This mini-course both examines these changes that debtors will face when filing for federal bankruptcy and also explores the many tax issues of bankruptcy. Practitioners will also learn about other issues such as homesteading and garnishment by creditors.

Course Information

Price: $33

Course No. M090
Format: Online pdf (58 pages). Printed book available.
Prerequisites: General understanding of federal income taxation
Advance Preparation:None
Level: Overview
CPE Credit: 2 hrs.
Field of Study: Taxes
Course expiration:  You have one year from date of purchase to complete the course.
Course Revision Date: January 2018


Upon completion of this course you should:

1. Identify changes made by the 2005 Bankruptcy Act, the common types of bankruptcy and filing qualifications.
2. Determine the impact of an automatic stay, the treatment of preferential transfers, the priority of claims, and the discharge of debts.
3. Recognize the creation and taxation of an individual bankruptcy estate noting partnership & corporate bankruptcy differences.
4. Identify the scope of and special rules for homesteading and garnishment.

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