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Tax Treatment and Strategies for Windfalls
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Author: Sidney Kess and Barbara Weltman
Description:
A windfall is sudden, unexpected good fortune. It is usually a sum of money and/or property, and it could be substantial. The windfall may be tax-free, fully taxable, or something in between.
The tax treatment is not always easy to determine, and cases and rulings continue to emerge that could impact the taxation of a certain type of windfall.
This course discusses the tax results of receiving a windfall. It also covers the effect of a windfall on estimated taxes, and tax planning that may reduce the tax impact from a windfall.
Upon completing this chapter, the student will be able to:
- Determine the tax treatment of gifts, inheritances, and other windfalls
- Distinguish the income tax treatment from the estate tax treatment of life insurance proceeds
- Identify the impact of demutualization for insurance contract owners
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Course Details:
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Price: $32.00
Field of Study: Taxes
Prerequisites: Basic understanding of Federal tax law
Advanced Preparation: None
CTEC course number: 1075-CE-0705
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Library:
Learning Center Core
Technical Requirements:
To view and print downloadable content files available in this program, you will need Adobe Acrobat Reader. You can download the free Reader plugin at Adobe's website by clicking on the icon below, then following the instructions for installation on your computer.
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| Credit Available For: |
Units |
| CPE |
2.0 CPE |
| QAS |
2.0 CPE |
| Enrolled Agent (Accepted by the IRS) |
2.0 CPE |
| CTEC Federal |
2.0 CE |
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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.
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