Participants will learn how to apply, implement, and evaluate the strategic tax aspects of marital dissolutions and living together arrangements. Current perspectives on property transfers and asset divisions are examined with an emphasis on planning considerations. This course reviews property settlements and other transfers incident to divorce. Basis allocation, third party transfers, and purchases between spouses are also examined. Common pitfalls for the unwary such as transfers in trust, installment notes, and purchases between spouses are analyzed. Application of these tax principles is exampled in selected asset divisions of the residence, business interests, insurance, and pension benefits.
Course Publication Date:
April 26, 2024
This course is available with
NO ADDITIONAL FEE if you have an active
self study membership or
all access membership or can be purchased for
$20.00!
| Author: | Danny Santucci |
| Course No: | TAX-DIVORCE-5154-M |
| Recommended CPE: | 2.00 |
| Delivery Method: | QAS Self Study |
| Level of Knowledge: | Overview |
| Prerequisites: | General understanding of federal income taxation |
| Advanced Preparation: | None |
| Recommended Field of Study: | Taxes
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Learning Objectives
- Identify the various forms of marital property and how to proceed with a tax structured property settlement noting the benefits of premarital agreements to avoid potential divorce problems.
- Recognize property settlements under §1041 by identifying its application to interspousal and third party transfers.
- Recognize property settlements under §1041 by specifying the factors that determine whether or not a property transfer is incident to divorce under §1041.
- Recognize property settlements under §1041 by determining property basis for the transferor and transferee spouse under §1041.
- Identify remedies for the deferred tax pitfall of §1041 by determining deferred tax liability of interspousal purchases.
- Identify remedies for the deferred tax pitfall of §1041 by recognizing the tax deferral of §1031 exchanges.
- Identify remedies for the deferred tax pitfall of §1041 by specifying the key elements of the home sale exclusion and stating their application.
- Identify remedies for the deferred tax pitfall of §1041 by recognizing benefit distribution problems and the tax advantages of QDROs.