Tax Consequences of Interest and Debt

Course Information

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Title:	Tax Consequences of Interest and Debt
Category:	Taxation
Field of Study:	Taxes
Course Code:	M116
CPE Credits:	3.0
Price:	27.95

Description

Description:

This course brings the practitioner information on tax issues affecting interest and debt. The various types of interest and their required allocation are explored and reviewed. For the economically troubled client, special attention is devoted to debt cancellation, repossession, discounts, and foreclosure. The program also discusses installment sales, taxable interest, and bad debts.

Delivery Method: Online Interactive Self Study

Level: Overview

Prerequisites: None

Advanced Preparation: None

Course Details

Category: Taxation

Field of Study: Taxes

Passing Score: 70%

Technical Details: Taxation is a technical field of study for all states.

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Objectives

Objectives:

1. Determine what constitutes “interest” specifying its key components, and identify whether the various types of interest are tax deductible or nondeductible. 2. Recognize how to deduct interest that is paid or accrued during the tax year applying different methods of accounting, specify the applicable federal rate, recognize the effects of unstated interest on transactions, and cite the imputed interest rules in the context of debt instruments. 3. Identify the interest allocation rules and the allocation period for a loan, recognize the difference between an allocation of loan proceeds that are deposited in an account and the allocation of loan proceeds received in cash, and cite loan repayments in the order they are deemed repaid. 4. Determine when certain distributions commonly referred to as “dividends” are actually interest and the tax treatment of interest that is earned on such items as income on frozen deposits and U.S. Savings Bonds. 5. Recognize an installment sale transaction, determine what const

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Profession

NASBA: Yes

QAS: Yes

CPA: Suitable for all CPAs

IRS: IRS credit for Enrolled Agents.

Profession Identifiers: CPA, EA