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Gassman crotty den
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Tax Planning for Insolvency and the Discharge of Indebtedness, Part 1


Cost Free
Presentation Length 1.0 hour

Recorded DateOctober 20, 2020
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Course Description

The COVID-19 pandemic and uncertainty in the political climate have created the possibility of a recession or economic downturn in the near future. The circumstances could cause many businesses and tax planning professionals to wish, in hindsight, that they had planned for such economic conditions. Specifically, the prospect of discharge of indebtedness income can impose considerable detrimental tax consequences on businesses and individuals, and adverse economic conditions can reach the importance of appropriate creditor protection. Fortunately, there are a number of planning opportunities and considerations that can be addressed in advance of or during a recession or economic downturn.

Join Alan S. Gassman, Esquire and Christopher J. Denicolo, Esquire, for this two-part presentation to review planning for discharge of indebtedness income; business and individual insolvency; creditor protection planning; and other considerations of individuals and companies that can address to better structure their affairs in light of a possible recession or economic downturn. 

Learning Objectives:

  • Identify planning for the discharge of indebtedness income

  • Demonstrate creative techniques to avoid discharge of indebtedness income

  • Identify the exceptions and exclusions to such income

  • Name the difference between recourse and non-recourse loans and why it matters

  • Recognize the reduction of tax attributes associated with excluding discharge of indebtedness income

  • Identify creditor protection planning, including discussion of state law exemptions and techniques that individuals and businesses can implement

  • Recognize tax planning and bankruptcy

  • Identify relevant recording requirements

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Gassman crotty den

Alan S. Gassman, J.D., LL.M., is a board-certified estate planning and trust lawyer who practices in Clearwater, Florida. He has an LL.M. in taxation from the University of Florida and practices in trust and estate planning, tax, wealth preservation, and the representation of physicians and medical practices.

Mr. Gassman speaks at many tax conferences, national programs, and webinar platforms, including Bloomberg BNA Tax and Accounting and the Notre Dame Tax and Estate Planning Institute

Gassman crotty den

Christopher J. Denicolo, J.D., LL.M. is a partner at Gassman, Crotty & Denicolo, P.A., where he practices in the areas of estate, tax, and trust planning, taxation, physician representation, corporate and business law, probate and trust administration, and asset protection.

Mr. Denicolo is the author of several noted articles in the Florida Bar Journal, BNA Tax & Accounting, BNA Estates, Gifts and Trusts Journal, Estate Planning Magazine, and Leimberg Information Services, Inc. He, Alan Gassman, and Kenneth Crotty are the co-authors of the BNA book Estate Tax Planning in 2011 & 2012. 

Mr. Denicolo received a Master of Laws (LL.M.) in Estate Planning from the University of Miami, a Juris Doctor from Stetson University College of Law, a Masters in Business Administration from Stetson University, and a Bachelor of Arts and a Bachelor of Science from Florida State University.

About Our Presenter

Gassman crotty den

Our firm was formed in 1987 with one lawyer and a shared secretary and receptionist to provide representation to professionals, business owners and retirees in their estate and related tax and personal planning, business and corporate needs.

Since then we have grown to 6 lawyers and over 20 staff, which we have found over the past two decades to be the best size for us. We are very proud of our team, our systems, and our dedication to providing the best and most appropriate legal services for all clients, whether big or small. Our lawyers meet together almost every morning to discuss and work together on cases, strategies and practice improvement projects in order to work the most efficiently and effectively for our clients. We like what we do and enjoy working together.