Overview
In a declining real estate market, more building owners and developers are concerned about the tax consequences associated with foreclosures, deeds in lieu of foreclosure, short sales and debt restructuring. Often, the tax consequences associated with these transactions can be difficult to determine. This OnDemand Webinar will help you advise your clients on the income tax effects of restructuring debt or disposing of property in zero equity transactions.
Authors
Phillip L. Jelsma, Luce, Forward, Hamilton & Scripps LLP
Self Study Credit - OnDemand Webinar
| CLE | 1 | PA | |
| CLE | 1.48 | TN | |
| CLE | 1.5 | AK, AL, AZ, CA, HI, IL, MS, MT, NC, ND, OR, UT, VA, VT, WA, WI | |
| CLE | 1.8 | MO, NJ, WV | |
| CLE | 2 | CO | |
Self Study Credit - CD & Reference Manual
| CLE | 1.5 | AK, AZ, CA, GA, HI, ME, MT, ND, NV, OR, UT, VT, WA | |
| CLE | 1.8 | MO, WV | |
| CLE | 2 | CO | |
Self Study Credit - Podcast
| CLE | 1.5 | AK, CA, ME, MT, ND, NV | |
| CLE | 1.8 | MO, WV | |
Agenda
General Principles
- Cancellation of Indebtedness Income
- Nonrecourse Debt
- Recourse Debt
- Purchase Money Debt
Tax Considerations for Borrower
- Cancellation of Indebtedness Income
- Section 108
- Transferring Property to Pay Debt
Tax Considerations for Lender
- First Mortgage
- Second Mortgage
- Information Reporting
Modifying Debt Instruments
- No Exchange
- Exchange Treatment
Net Operating Losses
Section 108
- Insolvency Exclusions
- Related Party Acquisitions
- Purchase Money Debt
