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Tax Planning for Insolvency and the Discharge of Indebtedness: What Business & Tax Planning Professionals Can Do to Reduce Taxes and Avoid Unpleasant Surprises



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In light of the COVID-19 pandemic and uncertainty in the political climate, a possible recession or economic downturn may be on the horizon. This could cause many businesses and tax planning professionals to wish, in hindsight, that they had planned for such economic circumstances. Specifically, the prospect of cancellation of discharge of indebtedness income can impose considerable detrimental tax consequences on businesses and individuals. Fortunately, there are number of planning opportunities and considerations that can be addressed in advance of or during a recession or economic downturn.

Join Alan S. Gassman and Christopher J. Denicolo in their exclusive LISI Webinar to review planning for discharge of indebtedness income, business and individual insolvency, and other considerations that individuals and businesses can address to better structure their affairs in light of a possible recession or economic downturn. During their webinar, the following topics will be covered:

  • Planning for discharge of indebtedness income;
  • Creative techniques to help avoid discharge of indebtedness income;
  • Utilizing the exceptions and exclusions to such income;
  • The difference between recourse and non-recourse loans, and why it matters;
  • Reduction of tax attributes associated with excluding discharge of indebtedness income; 
  • Tax planning in bankruptcy;
  • Reporting requirements;
  • And much, much more!

 

 

 



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