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The 2008 investing year is finally over, but it will not soon be forgotten. The S&P 500 Index opened on January 2, 2008, at 1,467.97 and closed on December 31, 2008, at 903.25, posting over a 38% loss in value. The year 2008 also may have handed investors one of the largest frauds committed in the history of the financial markets. These are certainly not small challenges for investors to overcome; however, one unlikely source of reprieve for U.S. taxable investors may lie in the Internal Revenue Code. Investors that suspect they have been involved in a fraudulent investment should be aware of how specific details can impact their personal tax situation. What will be covered:
This 60-90 minute webinar will provide participants with a conceptual understanding and practical application of the following: - Federal tax rules regarding theft losses
- Ability to qualify for theft loss recognition
- Ability to amend for prior years
- What happens when a partnership interest becomes worthless
- Has recent IRS guidance cleared up all the issues?
Education Objectives: Participants will learn how to: - Identify the key tax issues related to theft losses
- Understand complexities of loss recognition that will need to be looked at closely
- Understand recent IRS guidance and how safe harbor treatment may apply
- Apply various losses to maximize taxpayer benefit
Recorded on July 15, 2009, this event is available on CD for purchase.
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