Experts Interpret Much Needed Treasury Guidance on C Corporation Cancellation and Deferral of Debt

ARLINGTON, Va., Oct. 5 /PRNewswire-USNewswire/ -- Treasury recently issued temporary regulations providing guidance on the application of the Section 108(i) deferral of cancellation of debt income (CODI). Under Section 108(i) taxpayers may elect to defer some CODI incurred prior to January 1, 2011, and after December 31, 2008. Two of McGladrey's leading tax experts will explain the new regs. in a BNA webinar, The Impact of Section 108 (1) on C Corporations, on October 7, and share their expertise on when to defer debt income and when it must be accelerated.

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In this 60-90 minute webinar, McGladrey managing directors Nick Gruidl and Rich Wehrheim will instruct attendees on:

• Basics of Section 108(i)
  • Statutory acceleration events
• Regulatory CODI acceleration events
  • Mandatory acceleration events
• Exceptions to mandatory acceleration
  • Other acceleration events
• Net value acceleration rule
• Special rules for consolidated groups
• Acceleration of deferred OID deductions
• Treatment as current earnings and profits (E&P)

"It is imperative, with the new Treasury regs., that practitioners today understand how the Treasury and IRS have interpreted the statutory language and be able to identify those events that may accelerate the recognition of deferred CODI and deferred OID deductions," says BNA Managing Editor Allen Calhoun.  "This webinar will help attendees obtain that critical know-how."

About the Speakers

Nick Gruidl is a Managing Director in McGladrey's Corporate Tax and Transactions practice. Nick has experience working with both publicly held and privately held businesses. Nick's client service focus is in advising clients and firm personnel on corporate merger and acquisition activity; spin-offs, bankruptcy and debt restructuring, private equity transactions, consolidated group issues; analysis of net operating loss issues, and partnership taxation. Nick develops and delivers internal and external training on corporate tax and transaction related issues.  Nick is the Chair of the AICPA Corporations and Shareholders Technical Resource Panel. Nick received his BA from Augsburg College in Minneapolis, MN and MS in Business Taxation from the University of Minnesota.

Rich Wehrheim is a Managing Director with McGladrey. Rich's experience includes providing tax consulting services to publicly traded companies, and mid-sized/closely-held companies and their owners. He has over 20 years of experience providing services to companies in a variety of industries including:  financial services (banks, financial institutions, mutual funds, and hedge funds), retail and distribution, manufacturing and mining, construction, real estate, hospitality, aviation, agricultural, commercial printing and media, and personal service.

The Impact of Section 108 (1) on C Corporations will take place October 7, 2010, from 12:30 pm – 2:00 pm, ET). To register for this webinar and obtain further information about CLE and CPE credits, go to http://www.bnatax.com/section-108i-c-webinar/?open&cmpid=tmtxpr2010 or call 1-800-372-1033, menu Option 6, then Option 1. The per site fee is $249.

To receive automatic, email notification of upcoming BNA webinars that may be of interest to you, go to: http://www.bna.com/emailsignup.htm

About BNA Tax & Accounting Webinars

BNA Tax & Accounting is the foremost source of tax and accounting research, news, practice tools, and guidance for tax attorneys, CPAs, corporate tax managers, estate planners, and financial accountants.  Designed for today's busy practitioners, our webinars offer the same expertise and relevance that are the hallmark of all BNA Tax & Accounting resources. In just 60-90 minutes, practitioners gain in-depth knowledge on a current tax or accounting topic from experts in that area — and benefit from practical applications that can be put to work immediately. Conference attendees have the opportunity to ask the speakers questions, and may be eligible to earn CLE or CPE credits — all from the convenience of their own office or conference room.

SOURCE BNA Tax & Accounting