NB: course will say “Closed” until you’ve registered for the seminar.
Instructor: Chuck Stephens
A taxpayer can deduct certain interest paid or accrued on indebtedness within the tax year. To be deductible, the indebtedness must be an existing, unconditional, and legally enforceable obligation for payment. This chapter discusses indebtedness that is contingent on a future event, and the tax impact of conditions that arise after the sale. A contingent payment installment sale is an installment sale in which the total sale price cannot be determined by the end of the tax year of the sale. This course explains how to calculate the gain on a sale where the sale price has not been fixed in the year of the sale.
- Determine when a taxpayer can deduct interest on indebtedness that is conditional or contingent
- Calculate gain on a contingent payment installment sale
- Know when a taxpayer can claim a business bad-debt deduction
- Recognize fringe benefits that an employer may exclude from an employee’s income
- Understand the eligibility requirements for the employer-provided child care credit
- Know when a deduction for employerprovided meals and entertainment is allowed
- Understand the limits on deducting meal and entertainment expenses and exceptions to those limits
- Understand how a marijuana business reports its expenses
- Know how to calculate the qualified commercial clean vehicles credit
