Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2025 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
This course will discuss the income, estate, and gift tax consequences of marriage and divorce—including the effects of pre-nuptial agreements on preexisting tax debt and the taxation of income from separate property assets. It also addresses tax traps that may be encountered in property settlements, the sale of the principal residence, and the payment of child support and alimony.
The course will also discuss the problems encountered in dividing closely held businesses, IRA and qualified plans, stock options, and deferred compensation in divorce. It will also cover the relief available from joint and liability for the filing of joint income tax returns.
Publication Date: September 2022
Topics Covered
- Tax consequences of marriage and divorce
- Relief available from joint and liability for the filing of joint income tax returns and affect of pre-nuptial agreements
- Tax traps that may be encountered in property settlements, the sale of the principal residence, and the payment of child support and alimony
- Problems encountered in dividing closely held businesses, IRA and qualified plans, stock options, and deferred compensation in divorce
Learning Objectives
- Recognize how to explain effects of pre-nuptial liability on tax debts and taxation of income from separate property assets
- Identify income, estate, and gift tax consequences of divorce
- Recognize tax traps that may be encountered in property settlements
- Identify problems in dividing closely held businesses, IRA and qualified plans, stock options, and deferred compensation
- Identify the type of law that will determine martial property rights, and which assets are available to satisfy a tax debt of one of the parties in non-community property states
- Identify the form used to transfer a child's dependency exemption from one parent to the other
- Identify for which year(s) the American Rescue Plan Act of 2021 expanded the Child Tax credit for
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Jennifer Kowal
Jennifer Kowal, JD, has been a tax professor and the director of the graduate tax program at Loyola Law School in Los Angeles since 2003. Loyola’s graduate tax program offers an LL.M. in Taxation for attorneys and a Master in Tax Law for non-lawyers. Professor Kowal teaches courses in advanced income taxation, income tax timing issues, corporate taxation, and tax research, among others. Prior to teaching at Loyola, Professor Kowal taught in the International Tax Program at Harvard Law School.
She also practiced law with the firms of Irell & Manella in Los Angeles and Ropes & Gray in Boston, advising clients on the taxation of various business transactions, including cross-border, partnership and corporate structures. Professor Kowal holds a BS in Accounting with distinction from the University of Kansas, and a JD from UCLA School of Law, where she was a member of the Order of the Coif.