Section 108(i) of the American Recovery and Reinvestment Act of 2009 permits C corporations and taxpayers engaged in business or trade to defer COD (Cancellation of Debt) income recognition for a period of 4-5 years. Whereas it is necessary to recognize COD income as part of an entity's gross income, Section 108(i) allows the election for a debtor to postpone a part of or all of its COD income recognition and to retain tax attributes for later uses if the debtor realizes COD income under bankruptcy or if the debtor is insolvent. As a consequence, debtors must reduce their valuable tax attributes at present and the COD income must then be taken into account to be estimated over the next five years. The complex calculations and ambiguities make understanding Section 108 (i) especially challenging.

In this Knowledge Group Section 108 LIVE webcast, a panel of distinguished professionals and key regulators will help you find out how this deferral can be acquired, how it can affect particular taxpayers, and which circumstances can accelerate the deferral among other issues.

IRS Adopts New Sections 108(i) – Election to Defer COD Income Recognition LIVE Webcast will provide a comprehensive overview of the necessary processes. This is a must attend webcast for Finance, Tax Executives, and Tax Preparers

Course Level: Intermediate Prerequisite: None Method Of Presentation: Group-Based-Internet Developer: The Knowledge Conference Recommended CLE/CPE Hours: 1.75 - 2.0 (Please note, your State Bar or Accounting Board will make the final determination with respect to continuing education credit. If you are applying for CLE credit in Texas you must register 20 days before the event date.) Advance Preparation: Print and review course materials Course Code: 093893 Course Fee: $199 - $299 NASBA Sponsor Number: 109004