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Seminar

TAP: Original Issue Discount and Market Discount (453)

Register for this course:

The meeting times for this class are in the past. Please check here for additional meeting times.

Meeting Times:

Tuesday, August 02, 2016 8:30 AM - Tuesday, August 02, 2016 12:00 PM
The meeting time above is expressed in MOUNTAIN TIME, which is:
Eastern Time:
10:30 AM - 2:00 PM
Central Time:
9:30 AM - 1:00 PM
Pacific Time:
7:30 AM - 11:00 AM

Price:

This course is in the past and can no longer be purchased.

Location:

Internet Course - Live Streamed

Delivery Method:

Group Internet Based

Credit Hours:

4 (IRS Federal Tax Law)

Field of Study:

Taxes - Technical

Course Level:

Basic

Prerequisites:

None

General Description:

The objective of the Tax Accounting Series is for the participant to acquire a basic understanding as to how the various tax accounting rules apply in determining when an item is taxable or deductible and in what year an item is taxable and deductible. This course specifically addresses the treatment of debt instruments such as bonds.

Learning Objectives:

After completing this course the participant will be able to:

  • Illustrate the purpose of §1271 and differentiate the tax effect of retiring a debt instrument which is in writing versus a debt instrument which is not in writing.
  • Define "open account advance."
  • Determine the tax effect to the issuer and the purchaser when the debt is issued for less than the face amount of the debt or for more than the face amount of the debt.
  • Identify when it is possible to generate original issue discount (OID) on a debt instrument.
  • Identify when it is possible to generate bond premium on a debt instrument.
  • Define "acquisition premium."
  • Identify when a debt instrument has a market discount.
  • Illustrate the tax treatment of "stripped" bonds.
  • Apply the OID rules to a tax-exempt organization and describe the tax effect to the purchaser of a tax-exempt bond.
  • Define "in registered form" and describe the purpose of §163(f).
  • Discuss the Form 1099-INT statement for both taxable and nontaxable interest and how the reference to market discount and bond premium affect both taxable and nontaxable interest reported.
  • Explain the basic types of derivative transactions.

Instructors:

Mark A. Vogel is a retired professor and director of the University of Denver Graduate Tax Program, where for 38 years he taught courses in individual, fiduciary, tax accounting, partnership, and corporate taxation. He is the author of Divorce Taxation Guide (John Wiley & Sons) and Individual Taxation (Shepards/McGraw-Hill). He received a J.D. and LL.M. in Taxation from the University of Denver College of Law and an undergraduate accounting degree from the University of Notre Dame. He is also a CPA licensed in Illinois.

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