Welcome to the Online Continuing Professional Education for Certified Public Accountants
offered through Santa Clara University, in conjunction with the Accounting CPE Network.

What's the ACPEN Difference?

The ACPEN Difference

The Accounting Continuing Professional Education Network (ACPEN) is a joint project of state CPA Societies and other affilliated organizations who have a common goal: improving the quality and accessibility of distance learning opportunities available to their members.

Others' Technology

Webinar technology has, for some time, been a common offering of many participating ACPEN associations. Combining powerpoint slides delivered via the internet with audio of the instructor, either by telephone or internet, the webinar format allows for the delivery of educational content in a convenient, but visually limited fashion.

ACPEN's Technology

The ACPEN network is founded on the use of streaming video content over the internet that provides the participant with live, full motion video of the presenter, high quality audio, along with coordinated powerpoint slides. The ACPEN platform, provided by Business Professionals' Network and its technology partner, BizVision, also allows the end user to fully participate in the webcast by downloading written materials, emailing questions to presenters in real time, making notes in the viewer "notes" area, and emailing those notes to themselves for later use.

ACPEN's Production Values

ACPEN programming features enhanced production values and formats appropriate to the video medium. Presenters interact with each other as well as you, the ACPEN participant. This delivers an educational experience that is engaging, interesting, as well as professionally rewarding.

It is this unique combination of valuable information delivered using interactive live, video and audio internet technology that define The ACPEN Difference.

About ACPEN

About ACPEN

The Accounting Continuing Professional Education Network (ACPEN) CPE network, sponsored by State CPA Societies in many states, is dedicated to bringing, highly relevant, interactive, world-class CPE to every CPA in the most convenient and economical ways possible. Founded by four state societies in 1997, ACPEN is now a consortium of nearly 40 state societies.

Since 1998, ACPEN has been owned and managed by Business Professionals' Network, a firm that is responsible for the development of CPE content, management of the network, and that ensures that the satellite and internet technology is and stays at the cutting edge, for the benefit of state societies and their member CPAs. More information about ACPEN course offerings can be found below.

Since 1997, ACPEN programs have covered all of the most important subjects for accounting, tax and financial professionals. This year, you can join the thousands of CPAs across the country who have a reserved seat to one of the most fascinating ways to earn CPE credits available anywhere! In addition to CPE content developed by BPN, increasingly, state societies are taking advantage of webcast technology, adding their content and speakers to the ACPEN offerings.

More information about ACPEN CPE products and technology, can be found in the ACPEN Products section.

Preview

ACPEN Signature Series: CPA’s Guide to Tax Planning for Debt Cancellation and Restructuring

Length: 8 Hours

Description:                                                                                             What happens, for tax purposes, when a loan is restructured? What about on a foreclosure?  Any help for the taxpayer on a mortgage of a principal residence?  Tax rules vary widely depending on the type of entity that is the debtor, the business of the debtor, the property involved, whether the debt is recourse or non-recourse and the terms of the transaction. In this all-new ACPEN course, our panelists will explore when a debt is actually cancelled, special rules under Internal Revenue Code Section 108 including those applicable to conversion of partner debt into equity, differences between partnerships and S corporations, purchase price adjustments and acquisitions of debt by related parties.  

Participants will receive a review of the rules on debt cancellation in bankruptcy, when the debtor is insolvent, and when the debt is qualified farm indebtedness.  Learn how a bankruptcy may be more advantageous than insolvency in the tax context.  In addition, our panel of experts will review the rules for the elective exclusion of qualified real property business indebtedness.  We will also review and explain the required reduction in tax attributes and available elections.  In this complex area, there are traps for the unwary and opportunities for planning!

Major Topics:
When is debt cancelled?
             Statute of Limitations
             Write-off
             Un-collectability
             Distinguish disputed debt (liquidated versus un-liquidated debt)
                        o    When a lender has to issue a 1099
                        o    What are the options when you disagree

Special rules under IRC Section 108:
             Special rule for qualified principal residence mortgage restructuring
             Debt contributed to capital
             Debt/equity exchanges
             Cancellation of partner debt
             Related party debt acquisition
             Purchase price adjustments
             Deductible expense exception

Debt cancellation traps in loan restructuring:
             IRC Section 1001--is there a deemed exchange; are you going to    generate COD income?
             Installment sales issues
             Issues with guaranteed debt

Debt cancellation in bankruptcy:
             When does it occur?
             How does it occur?
             Exceptions – trust fund penalty, fraud, others
             Asset exemptions
             Overview of bankruptcy
             When can taxes be cancelled?
             Section 1398 adjustments arising from bankruptcy

The insolvency exception:
             Differences between recourse and non-recourse debt
             Effect in partnerships
             Effect in S corporations
             Defining insolvency (Carlson, Johns & Quartemont cases)
             Intentionally structuring to trigger capital gains to get a better tax rate.
             Section 1017 basis adjustments and special rules outside bankruptcy
             Elections

Special Rules on cancellation of farm indebtedness:

Elective exclusion of COD for real estate:




This video is part of ACPEN Signature Complete Series

CPE Credits: 8

Field of Study 1: Taxes (8 hours)

Program Level (Basic, Update, Intermediate, Advanced, Overview): Intermediate and Update

Prerequisites: None

Advanced Preparation: None

Instructional Delivery Method: Group Internet Based

Course Registration Requirements: Online Registration

Designed For: Public Practice CPAs

Course Developer: ACPEN

Refund/Cancellation Policy: Please contact the ACPEN help desk - 1-800-747-1719 or help@acpen.com if you wish to cancel your attendance for a previously purchased webcast and are requesting a refund or transfer.

Complaint Resolution Policy: Please contact Anne Taylor for any complaints. anne.taylor@acpen.com, (972-377-8199).

Official Registry Statement: Business Professionals' Network, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417. Web site: www.nasba.org


Produced By:

ACPEN

Faculty

  • James A. Smith, CPA
    • James A. Smith, CPA, serves as Managing Director of Smith, Jackson, Boyer & Bovard, PLLC, a Dallas based, full service Certified Public Accounting firm. Mr. Smith began his career with a major international accounting firm where he served in both the audit and tax divisions. Mr. Smith has appeared as a featured commentator on all four Dallas/Ft. Worth network news stations, including three and one-half years as a featured business commentator on KXAS, TV5; on the TSCPA `CPAs on Call` state wide tax television program; and on various radio news programs. He has conducted seminars on tax and financial planning for the Dallas Chapter of the TSCPA and stock brokerage firms and life insurance companies, and on marketing and practice management for the TSCPA, the North Carolina Association of CPAs, the Arkansas Society of CPAs, the Pennsylvania Institute of CPAs, and the American Institute of CPAs. Mr. Smith served as Chair of the Texas Society of CPAs (TSCPA) for the 2007-2008 year, and as a member of its Executive Board and its Board of Directors. He is currently serving a three year term as an elected member of the American Institute of CPAs (AICPA) Council and is an appointed member of the AICPA Accounting and Review Services Committee. In recognition of his service, Mr. Smith has been named by the TSCPA as Outstanding Steering Committee Chairman for the year 1999-2000, Outstanding Committee Chairman for the year 1995-1996, and Outstanding Committee Member for the Year 1992-1993 and 1995-96. The Dallas Chapter of the TSCPA also named him CPA of the Year for 1999-2000. Mr. Smith is a Certified Public Accountant in the state of Texas and is a graduate of Southern Methodist University with a BBA in Accounting and Economics.

  • C. Clinton Davis, CPA, JD
    • C. Clinton Davis, CPA, JD, is a partner in the Dallas, Texas law firm of Krage & Janvey, LLP.  He is a frequent presenter at continuing education programs for both accountants and lawyers, including not-for-profit organizations, partnership and real estate planning. He is the author of Texas Society of Certified Public Accountants (TSCPA) courses, Fundamentals of LLC and Partnership Taxation, and Tax Planning for Real Estate and Small Business.  Clint is Board Certified in Tax Law by the Texas Board of Legal Specialization. He represents numerous pass-through and charitable entities. Clint has served as program chair or presenter on several ACPEN programs in the areas of tax, not-for profit and business entities.

  • Dean Hinderliter, JD
    • Dean Hinderliter, JD, is a partner with the Dallas law firm, Locke Lord, LLP. He advises partnerships and limited liability companies in connection with ongoing operations, acquisitions, restructurings, financings, unwinds and incorporations. He also counsels clients on all the tax aspects of corporate transactions, including acquisitions, divestitures, private equity investments, public offerings, tax-free reorganizations, leveraged buyouts, the formation of joint ventures and S corporation issues. In addition, Mr. Hinderliter advises financially troubled and bankrupt companies on a variety of issues, including debt restructurings, preservation of net operating losses, and internal corporate restructurings. He earned an LL.M. in taxation from New York University where he received the Harry J. Rudick Memorial Award as the outstanding graduate. Dean has a J.D. from The University of Oklahoma School of Law where he served as an editor of the Law Review and graduated Order of the Coif. His undergraduate degree is from Drury College. Prior to practicing in Texas, he was an attorney at Skadden Arps Slate Meagher & Flom.
  • Eric W. Anderson, JD
    • Eric W. Anderson, JD is a partner in the Atlanta office of Parker, Hudson, Rainer & Dobbs LLP, and is a member of the firm's bankruptcy practice group. Mr. Anderson is a 1982 graduate with distinction of the University of Wisconsin-Madison and earned his J.D. degree cum laude in 1986, also from the University of Wisconsin Law School. Mr. Anderson concentrates his practice in bankruptcy, workouts, financial restructuring and commercial finance. He regularly represents banks, financial institutions, secured asset-based lenders and other parties in bankruptcy and financial restructuring matters both in and out of bankruptcy, debtor-in-possession financing, loan collection and enforcement, purchase and sale of assets of distressed companies and various related transactions. Eric is a frequent speaker and lecturer on bankruptcy and insolvency law topics, and has authored several articles on bankruptcy issues as well. Eric is a member and incoming co-chair of the Advisory Board for the American Bankruptcy Institute's Southeast Bankruptcy Workshop, and is a Contributing Editor for the American Bankruptcy Institute's ABI Journal.Eric is a Fellow in the American College of Bankruptcy, and is also a member of the Board of Directors of the Southeastern Bankruptcy Law Institute and of Meritas, a worldwide law firm organization. Mr. Anderson is a member of the Board of Directors of the Atlanta Bar Association, and is a past Chair of the Atlanta Bar Association Bankruptcy Law Section.Eric has been selected as one of Georgia's Legal Elite in 2007 - 2012, as one of Georgia's leading practitioners, and has been listed as a "Georgia Super Lawyer" in Atlanta Magazine. He has also been recognized by Chambers USA as one of America's leading lawyers for business in 2007 – 2012, and by ­Best Lawyers in America for 2012.

Course Materials

  • ACPEN_Signature-Tax_Planning_for_Debt_Cancellation_Restructuring
  • Important CPE Credit Information_2012
  • Course Outline_6_27_12 (2 pages)
  • Article
  • Questions and Anwers

* Please be advised that this is not a
Santa Clara University website, but is a website developed and hosted by ACPEN, in conjunction with Santa Clara University.