Situations such as divorce, foreclosure, repossession, and bad debts can cause significant financial and personal stress. Making the Best of Bad Situations will teach you how to apply, implement, and evaluate the strategic tax aspects of marital dissolutions and other difficult circumstances. The course presents current perspectives on property transfers, asset divisions, alimony, filing status, exemptions, and child support with an emphasis on planning considerations. Other key topics include:

• The cancellation of indebtedness income inclusion rules in the context of debt forgiveness and property foreclosure
• Exceptions from income inclusion contained in §108
• The tax treatment of property repossession under §1038, with specific emphasis on the calculation of gain and received property basis
• Bad debt treatment under §166 and a discussion of critical distinctions between business and nonbusiness debts