Course Information

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Working with Tax Losses
Author: CCH Editorial Staff

Description:
When losses occur, it is important that taxpayers take advantage of any tax advantages related to those losses. Not all tax losses are treated the same, however. Some losses are only allowed to be netted against similar gains. Some may be allowed a carryforward or carryback period. Taxpayers should be advised regarding these rules so that losses do not go unused or underused.

This course explores the special rules for computing, carrying forward, and carrying back NOLs. It also examines the limitations on deductions for losses due to taxpayers’ passive participation in a trade or business, lack of capital at risk in the enterprise, or lack of profit-seeking motive.

The special rules for claiming loss deductions from sales of stock, theft, abandonment, and wagering are outlined. Also covered are special rules for reporting loss deductions related to exchanges or involuntary conversions of property used in a trade or business.

Topics covered in this course include:

  • Net operating losses
  • Passive activity losses
  • At-risk loss limitations
  • Stock losses
  • Theft losses
  • Casualty losses
  • Bad debt losses
  • Abandonment losses
  • Wagering losses
  • Hobby losses
  • Code Sec. 1231 losses

Course Details:
Price:  $48.00
Field of Study:  Taxes
Prerequisites:  None
Level:  Overview
CTEC course number:  1075-CE-0708
Course was last updated on:  12/02/2009
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Library:
Learning Center Core

Technical Requirements:
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Credit Available For: Units
CPE 3.00 CPE
CTEC Federal 3.00 CE
Enrolled Agent (Accepted by the IRS) 3.00 CPE
National Registry Interactive 3.00 CPE
National Registry New Standards 3.00 CPE
QAS 3.00 CPE

Note: Recommended CPE credit is based on a 50-minute hour. Participants earning credits for states that require self-study to be based on a 100-minute hour will receive half the recommended CPE credits for successful completion of this course.

Since Continuing Professional Education requirements vary from state to state and are subject to change without notice, please contact your state board of accountancy for information on your CPE requirements and the applicability of this course to meet those specifications.

CCH has been approved by the California Tax Education Council to offer courses that provide federal and state credit towards the annual "continuing education" requirement imposed by the State of California. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.