Amounts borrowed from a person with an interest in the activity are generally not at-risk, unless IRS regulations provide otherwise.
A taxpayer's at-risk amounts with respect to a covered activity include borrowed amounts to the extent of the taxpayer's personal liability or if property was pledged as security. A taxpayer is considered at-risk with respect to amounts borrowed for use in an activity only to the extent that is personally liable for the repayment; or has pledged property, other than property used in the activity, as security for the borrowed amount, to the extent of the net fair market value of the taxpayer's interest in the pledged property. This white paper provides examples of at-risk amounts and reviews amounts protected against loss that are not at risk.
Agenda
Faculty
John R. Dundon, II, EA
Taxpayer Advocacy Services, Inc.
- A Fellow of the National Tax Practice Institute and his services are focused exclusively on complicated tax matters and negotiating reasonable settlements with taxing authorities
- As a Federally Authorized Tax Practitioner and a tax appeals specialist, his focus is to resolve tax matters and reconcile tax disputes for individuals and businesses with federal and/or state issues
- An IRS Examination/Collection/Appeals Specialist
- Has served in one capacity or another on the leadership teams of the Colorado Society of Enrolled Agents and the National Association of Enrolled Agents
- M.B.A. degree, University of Minnesota Carlson School Of Management; B.S. degree in business administration, Marquette University
- Available in person within the greater Denver area and represents people all over the world with matters before the IRS and State Revenue/Taxation Departments
- Can be contacted at 720-234-1177, [email protected] or on Twitter® @JohnRDundon
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