Discussion Questions for Tax Basics: What Every Bankruptcy Attorney Should Know

Size: px
Start display at page:

Download "Discussion Questions for Tax Basics: What Every Bankruptcy Attorney Should Know"

Transcription

1 Discussion Questions for Tax Basics: What Every Bankruptcy Attorney Should Know 1. Individual Debtor s Liability for Corporate Tax Debt Are officers and directors responsible person[s] within the meaning of 26 U.S.C so as to make them liable for their corporation s tax debt? Yes. See In re Carpenter, 540 B.R. 691 (B.A.P. 9th Cir. 2015) (holding that an individual chapter 11 debtor and former corporate officer is a responsible officer with respect to unemployment insurance contributions and that such debt is a nondischargeable priority claim under 11 U.S.C. 507(a)(8)(E)). Section 6672 of the Internal Revenue Code states that [a]ny person required to collect, truthfully account for, and pay over any tax imposed by this title who willfully fails to collect such tax, or truthfully account for and pay over such tax, or willfully attempts in any manner to evade or defeat any such tax or the payment thereof, shall, in addition to other penalties provided by law, be liable to a penalty equal to the total amount of the tax evaded, or not collected, or not accounted for and paid over. 2. Deeds in Lieu of Foreclosure Can a trustee give a creditor a deed in lieu of foreclosure, and, if so, is it advisable from a tax perspective? Court approval is required for a trustee to provide a creditor with a deed in lieu of foreclosure. 11 U.S.C. 363(b)(1). Foreclosure, a deed in lieu of foreclosure, or any other transfer from the debtor to the lender in full satisfaction of the debt is treated, for federal income tax purposes, as a sale of property which may give rise to gain or loss to the mortgagor. Restructuring debt on distressed real estate, ss049 ALI ABA 407, 433. Thus, a deed in lieu of foreclosure, like a foreclosure, would make the estate liable for any gain or COD income with respect to the transaction. The debtor would be liable for the gain and COD income in cases in which the estate is not a separate taxable entity. 1

2 Example: The debtor owes creditor $500 of recourse indebtedness secured by property with a value of $300. When the debtor transfers the property to creditor (through a deed in lieu of foreclosure, for example) in exchange for complete forgiveness of of the indebtedness, the debtor recognizes $200 of COD income. 3. Abandonment In cases in which the estate is a separate taxable entity, should a trustee abandon property rather than permitting foreclosure or a deed in lieu of foreclosure? Probably. Abandoning the property would effectively make the debtor liable for any gain and COD income with respect to the transaction. Otherwise, the gain and COD income would become administrative expense tax claims which would have to be funded through the plan. 4. Failure of the Internal Revenue Service to File a Claim in the Bankruptcy What happens if the IRS forgets to file a proof of claim? In Chapter 13 cases in which the debtor proposes to pay priority tax claims in full, and the entities to whom the obligations are owed fail to file proofs of claim, the priority tax claims are discharged unless the claims are entitled to nondischargeablility. See In re Richards, 50 B.R. 339 (E.D. Tenn 1985) and In re Rothman, 76 B.R. 38 (Bankr. E.D.N.Y. 1987). In individual debtor cases under Chapter 7 or Chapter 11, the failure of the IRS to file a proof of claim does not affect the dischargeability of the underlying tax debt. In re Grynberg, 986 F.2d 367 (10th Cir. 1993). The debtor should file a proof of claim on behalf of the IRS. 5. Sale of Property with a Low Adjusted Basis If the trustee plans to sell low basis estate property, what tax mitigation techniques may the trustee employ? Where the estate is not a separate taxable entity, the estate cannot incur administrative expense claims. Hall v. United States, 132 S. Ct. 1882, 1883 (2012). The debtor would be liable for the gain. In such a case, the tax on the gain will not be included in the plan. The debtor could, however, convert 2

3 its case to a proceeding under Chapter 7. The tax on the gain would then be treated as prepetition debt. 11 U.S.C. 348(d). A claim against the estate or the debtor that arises after the order for relief but before conversion in a case that is converted under section 1112 or 1307 of this title, other than a claim specified in section 503(b) of this title, shall be treated for all purposes as if such claim had arisen immediately before the date of the filing of the petition. In re Hotel Nevada Corp., 75 B.R. 174, 176 (Bankr. D. Nev. 1987). If the estate is a separate taxable entity, the gain from the sale of the property will be an administrative expense tax claim. 6. Priority of Administrative Expense Tax Claims Upon Conversion Which claims have priority when the estate has incurred administrative expense tax claims before and after conversion? Tax claims incurred during Chapter XI proceedings are therefore in fact junior to claims for expenses incurred in subsequent bankruptcy proceedings. Nicholas v. United States, 384 U.S. 678, 688, 86 S. Ct. 1674, 1682, 16 L. Ed. 2d 853 (1966). 7. The Short Year Election When should the short year election be made? When the election is not made, the debtor s tax liability for the taxable year in which the bankruptcy case commences will be a postpetition claim. Thus, any tax attributes of the debtor will not be able to offset the claim unless the estate does not utilize the attributes and they later go back to the debtor. When the election is made, the debtor can transform its tax liability up to the date of the bankruptcy filing into a prepetition (albeit nondischargeable) claim under 11 U.S.C. 507(a)(8). If any amount of the claim remains unpaid, tax attributes of the debtor can be used to further reduce the claim. For example, a NOL from the first short year might be used to reduce the nondischargeable tax debt. The following examples illustrate these principles. 3

4 Example 1: Make the election. Debtor has gross income as of August 16, Debtor has generated NOLs in previous tax years that may be carried forward or backward to other tax years. Debtor files for Chapter 7 on August 17, Without the election, the tax owed is due on April 15, 2014 for the period January 1 through December 31. The NOL attributes will pass to the bankruptcy estate, and the trustee can use them to reduce the estate s tax liability. Any unused losses would then pass back to the Debtor upon termination of the bankruptcy case. Example 2: Do not make the election. The Debtor has had no income from January 1 through August 16, and NOLS have arisen during this time period (not in previous years). Debtor files for Chapter 7 relief on August 17, The Debtor expects to receive a substantial income from September through December. Without the election, the debtor will be able to use the NOLs against postpetition income. With the election, the bankruptcy trustee gets to use the NOLS (because the NOLS become carryovers) and the debtor s income cannot be offset by the NOLS. Any unused portion of the NOLS would pass back to the debtor upon termination of the case. Note: If the NOLs had arisen in previous tax years, they would pass to the estate absent the election. If the debtor makes the election, the debtor may utilize the NOLS. 8. Cancellation of Indebtedness What are the tax consequences of the following transactions? Facts: The Taxpayer owes $500 to bank, secured by property with a fair market value of $300. The taxpayer has an adjusted basis of $400 in the property. a. If the bank writes down the value of the debt, the taxpayer will have COD income in the amount of the write down whether the indebtedness is recourse or nonrecourse.. No COD income would be recognized if one of the exceptions under 11 U.S.C. 108 applies. b. If the indebtedness is recourse, a transfer of the property by the taxpayer to the creditor in full satisfaction of the indebtedness will result in $100 of gain and $200 of COD income. No COD income would be recognized if one of the exceptions under 11 U.S.C. 108 applies. 4

5 c. If the indebtedness is nonrecourse, a transfer of the property by the taxpayer to the creditor in full satisfaction of the indebtedness will result in in $100 of gain and $0 of COD income. No COD income would be recognized if one of the exceptions under 11 U.S.C. 108 applies. 9. Circuit Split: The Definition of Return for Purposes of 11 U.S.C. 523(a) When is a tax return a return for purposes of 11 U.S.C. 523(a)? The hanging paragraph in 523(a) defines a return for purposes of determining nondischargeability of tax debt under 523(a) as a return that satisfies the requirements of applicable nonbankruptcy law (including applicable filing requirements). Such term includes a return prepared pursuant to section 6020(a) of the Internal Revenue Code of 1986, or similar State or local law, or a written stipulation to a judgment or a final order entered by a nonbankruptcy tribunal, but does not include a return made pursuant to section 6020(b) of the Internal Revenue Code of 1986, or a similar State or local law (emphasis added). The First, Fifth, and Tenth Circuits, guided by the language of the hanging paragraph, have defined return to exclude any return that was filed late. See Fahey v. Massachusetts Department of Revenue (In re Fahey), 779 F.3d 1 (1st Cir. 2015); In re Mallo, 774 F.3d 1321 (10th Cir. 2014); and McCoy v. Mississippi State Tax Commission (In re McCoy), 666 F.3d 924 (5th Cir. 2012). Thus, under 523(a)(1)(B) relating to the nondischargeability of tax debt associated with returns that are fraudulent, never filed, or delinquent and filed within two years of the bankruptcy petition, tax debt relating to a delinquent return is never dischargeable. The Ninth Circuit Bankruptcy Appellate Panel recently rejected the Circuit Courts literal definition of return in favor of a less formalistic, pre BAPCA definition. In re Martin, WL at 10 (B.A.P. 9th Cir. Dec. 17, 2015). The Court stated that a return is a return if it meets the following requirements: (1) it must purport to be a return; (2) it must be executed under penalty of perjury; (3) it must contain sufficient data to allow calculation of tax; and (4) it must represent an honest and reasonable attempt to satisfy the requirements of the tax law. Id. The BAP pointed out that the circuit courts strict definition of return leads to an odd result: under the literal construction of the hanging paragraph, a debtor taxpayer who is one month or one day or even one hour late in filing his or her return will have his associated tax debt excepted from discharge, whereas a debtor taxpayer who never bothers to file his or her own return can discharge his or her associated tax debt if the IRS fortuitously prepares a return on that person's behalf. Id. at 8. It also pointed out that the circuit courts definition of return also makes 523(a)(1)(B)(ii) largely superfluous (aside from returns prepared by the IRS) because its reference to 5

6 delinquent returns which are filed within two years of the bankruptcy petition is unnecessary given the view that a return can never be delinquent at all. Id. at 9. Notably, the Eighth Circuit addressed the meaning of the term return for purposes of 523(a) roughly one year after the hanging paragraph was added. In re Colsen, 446 F.3d 836 (8th Cir. 2006). The Court did not apply the language of the hanging paragraph because the debtor s bankruptcy petition was filed before the language took effect. Id. at 839. Instead, the 8 th Circuit affirmed the test applied by the bankruptcy court and the Eighth Circuit Bankruptcy Appellate Panel the same test that the Ninth Circuit BAP applied in Martin. 6

Tax Basics: What Every Bankruptcy Attorney Should Know

Tax Basics: What Every Bankruptcy Attorney Should Know Tax Basics: What Every Bankruptcy Attorney Should Know 1 Areas of Focus 1. Secured tax claims and tax claims entitled to priority 2. Nondischargeable tax claims 3. The short tax year election 4. Cancellation

More information

How To Get A Tax Debt Discharged In Bankruptcy

How To Get A Tax Debt Discharged In Bankruptcy Mallo and Perkins and The End of the Two Year Rule: Why Income Tax Debts May be Harder to Discharge in Bankruptcy Written by: Jeffrey M. Sklarz Green & Sklarz LLC New Haven, Connecticut Jeff is a member

More information

Income Tax Discharge Considerations in an Individual Debtor s Chapter 7 Bankruptcy

Income Tax Discharge Considerations in an Individual Debtor s Chapter 7 Bankruptcy Income Tax Valuation Insights Income Tax Discharge Considerations in an Individual Debtor s Chapter 7 Bankruptcy Robert F. Reilly, CPA, and Ashley L. Reilly Many professional practitioners and small business

More information

This Chief Counsel Advice responds to your request for assistance. This advice may not be used or cited as precedent.

This Chief Counsel Advice responds to your request for assistance. This advice may not be used or cited as precedent. Office of Chief Counsel Internal Revenue Service memorandum Number: 201005029 Release Date: 2/5/2010 CC:PA:Br5 POSTN-137568-09 UILC: 09.00.00-00 date: October 21, 2009 to: from: Michael Skeen, Associate

More information

Bankruptcy Filing and Federal Employment Taxes. Bad investments, too great an assumption of risk, circumstances beyond their control.

Bankruptcy Filing and Federal Employment Taxes. Bad investments, too great an assumption of risk, circumstances beyond their control. I. What causes someone to file for bankruptcy? Bad investments, too great an assumption of risk, circumstances beyond their control. II. The options A. Individuals Chapter 7, Chapter 11, i Chapter 13 B.

More information

Cancellation of Debt A Special Focus on Home Foreclosures

Cancellation of Debt A Special Focus on Home Foreclosures Cancellation of Debt A Special Focus on Home Foreclosures Mary M. Gillum, Coordinator and Attorney Tennessee Taxpayer Project Legal Aid Society of Middle Tennessee and the Cumberlands (Graphics from Microsoft

More information

Mortgage Forgiveness Debt Relief Act. Cancellation of Debt (COD) Income. Recourse Loan 10/6/2014. Consequences of the expiration of the act

Mortgage Forgiveness Debt Relief Act. Cancellation of Debt (COD) Income. Recourse Loan 10/6/2014. Consequences of the expiration of the act Mortgage Forgiveness Debt Relief Act Consequences of the expiration of the act Cancellation of Debt (COD) Income When a loan is forgiven without being paid back, COD Income is created. That amount is included

More information

BANKRUPTCY BASICS AND TIPS FOR COLLECTION OF PROPERTY TAXES FROM TAXPAYERS IN BANKRUPTCY

BANKRUPTCY BASICS AND TIPS FOR COLLECTION OF PROPERTY TAXES FROM TAXPAYERS IN BANKRUPTCY BANKRUPTCY BASICS AND TIPS FOR COLLECTION OF PROPERTY TAXES FROM TAXPAYERS IN BANKRUPTCY by Roy F. Kiplinger Kiplinger Law Firm, P.C. August 5, 2010 We pride ourselves in providing quality legal services

More information

Discharging Taxes in Bankruptcy and. Avoiding Malpractice in the Process 9/29/2015

Discharging Taxes in Bankruptcy and. Avoiding Malpractice in the Process 9/29/2015 Discharging Taxes in Bankruptcy and Avoiding Malpractice in the Process Brought to you by the NACTT Academy A SPECIAL THANK YOU TO OUR PANELISTS Kent Anderson Certified Bankruptcy Specialist, Eugene, OR

More information

HOMEOWNERS ASSOCIATIONS AND BANKRUPTCY - STRATEGIES

HOMEOWNERS ASSOCIATIONS AND BANKRUPTCY - STRATEGIES HOMEOWNERS ASSOCIATIONS AND BANKRUPTCY - STRATEGIES DENNIS J. LeVINE, ESQ. Fla. Bar No. 375993 Dennis LeVine & Associates, P.A. P.O. Box 707 Tampa, Florida 33601 (813) 253-0777 (813) 253-0975 (fax) dennis@bcylaw.com

More information

BANKRUPTCY ISSUES RELATED TO MORTGAGE FORECLOSURES

BANKRUPTCY ISSUES RELATED TO MORTGAGE FORECLOSURES TABAS FREEDMAN Attorneys One Flagler Building 14 Northeast First Avenue, Penthouse Miami, Florida 33132 Telephone 305.375.8171 Facsimile 305.381.7708 www.tabasfreedman.com Gary M. Freedman gfreedman@tabasfreedman.com

More information

no--asset 7 s asset 7 s

no--asset 7 s asset 7 s Bankruptcy Questions Answered! Attorney to Non- Attorney Robert McKenzie, EA, Esq. Types of Bankruptcies This is not an easy subject, but our goal is to distill it to key issues you need to know as a return

More information

Tax Refund Interception on Account of Discharged Debt

Tax Refund Interception on Account of Discharged Debt Tip of the Month January 2012 Tax Refund Interception on Account of Discharged Debt Submitted by Christopher Wilcox AmeriCorps VISTA Attorney at Volunteer Lawyers Network Often, debtors that file for bankruptcy

More information

Insolvency Procedures under Section 108

Insolvency Procedures under Section 108 Income Tax Insolvency Insights Insolvency Procedures under Section 108 Irina Borushko and Urmi Sampat In the current prolonged recession, many industrial and commercial entities have had to restructure

More information

: In re: : : Chapter 13 MICHAEL D. CARLIN, : : Case No. 11-11784 (ALG) : Debtor. : :

: In re: : : Chapter 13 MICHAEL D. CARLIN, : : Case No. 11-11784 (ALG) : Debtor. : : UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK : In re: : : Chapter 13 MICHAEL D. CARLIN, : : Case No. 11-11784 (ALG) : Debtor. : : APPEARANCES: DECISION DENYING DEBTOR S MOTION FOR A DISCHARGE

More information

UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF WISCONSIN. In re Case No. 13-23483 JANICE RENEE PUGH, Chapter 13 Debtor.

UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF WISCONSIN. In re Case No. 13-23483 JANICE RENEE PUGH, Chapter 13 Debtor. UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF WISCONSIN In re Case No. 13-23483 JANICE RENEE PUGH, Chapter 13 Debtor. MEMORANDUM DECISION ON DEBTOR S OBJECTION TO INTERNAL REVENUE SERVICE S MOTION

More information

Apple Federal Credit Union. Reporting Delinquent Matters and 1099-A and 1099-C Presentation 2014

Apple Federal Credit Union. Reporting Delinquent Matters and 1099-A and 1099-C Presentation 2014 Apple Federal Credit Union Reporting Delinquent Matters and 1099-A and 1099-C Presentation 2014 Discussion Topics Reporting Delinquent Matters 1099 Overview 1099-A 1009-C IRS Position on 1099-C Bankruptcy

More information

The IRS Can Offset Post-petition Tax Overpayments Against Pre-petition Tax Liabilities. Kyle J. TumSuden, J.D. Candidate 2016

The IRS Can Offset Post-petition Tax Overpayments Against Pre-petition Tax Liabilities. Kyle J. TumSuden, J.D. Candidate 2016 The IRS Can Offset Post-petition Tax Overpayments Against Pre-petition Tax Liabilities 2015 Volume VII No. 27 The IRS Can Offset Post-petition Tax Overpayments Against Pre-petition Tax Liabilities Kyle

More information

The Effect of Conversion on a Post-Petition Lender s Superpriority Claim over a Chapter 7 Trustee s Post-Conversion Administrative Expense Claim

The Effect of Conversion on a Post-Petition Lender s Superpriority Claim over a Chapter 7 Trustee s Post-Conversion Administrative Expense Claim 2014 Volume VI No. 14 The Effect of Conversion on a Post-Petition Lender s Superpriority Claim over a Chapter 7 Trustee s Post-Conversion Administrative Expense Claim Michael Foster, J.D. Candidate 2015

More information

Bankruptcy Tax Guide. Contents. Publication 908. Future Developments. Get forms and other Information faster and easier by: Internet IRS.

Bankruptcy Tax Guide. Contents. Publication 908. Future Developments. Get forms and other Information faster and easier by: Internet IRS. Department of the Treasury Internal Revenue Service Publication 908 (Rev. October 2012) Cat. No. 15309S Bankruptcy Tax Guide Contents Future Developments... 1 What's New... 2 Reminders... 2 Introduction...

More information

CANCELLATION OF DEBT(COD) Applicable Entities COD. Informational Return. Identifiable Event. IRC Sec. 6050P:

CANCELLATION OF DEBT(COD) Applicable Entities COD. Informational Return. Identifiable Event. IRC Sec. 6050P: Tax Consequences of Foreclosure Philip J. Rosenkranz Staff Attorney Tax Consequences in Foreclosure Two distinct taxable Events: 1.Cancellation of debt 2. Gain or loss The Legal Aid Society of Milwaukee,

More information

Cancellation of Debt

Cancellation of Debt Cancellation of Debt ROBERT E. MCKENZIE Arnstein & Lehr LLP Arnstein & Lehr LLP 1 Debt Cancellation If a debt is canceled or forgiven, other than as a gift or bequest, the debtor generally must include

More information

MEMORANDUM OPINION AND ORDER DENYING MOTION FOR RELIEF FROM THE AUTOMATIC STAY

MEMORANDUM OPINION AND ORDER DENYING MOTION FOR RELIEF FROM THE AUTOMATIC STAY UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK In re: MARK RICHARD LIPPOLD, Debtor. FOR PUBLICATION Chapter 7 Case No. 11-12300 (MG) MEMORANDUM OPINION AND ORDER DENYING MOTION FOR RELIEF

More information

Tax Relief for Businesses in Distress American Bar Association Section of Taxation

Tax Relief for Businesses in Distress American Bar Association Section of Taxation Tax Relief for Businesses in Distress American Bar Association Section of Taxation 5-Year Carryback of 2008 and 2009 Net Operating Losses (NOLs) for Eligible Small Businesses (ESBs) For 2008 and 2009,

More information

UNITED STATES DISTRICT COURT FOR THE DISTRICT OF COLORADO

UNITED STATES DISTRICT COURT FOR THE DISTRICT OF COLORADO !aaassseee 111:::111222- - -cccvvv- - -000333333888000- - -JJJLLLKKK DDDooocccuuummmeeennnttt 111333 FFFiiillleeeddd 000222///111999///111333 UUUSSSDDD!!ooolllooorrraaadddooo PPPaaagggeee 111 ooofff 222555

More information

Federal Income Taxes. Chapter 11

Federal Income Taxes. Chapter 11 Chapter 11 Federal Income Taxes I. Introduction...1 II. Find Expert Advice...1 III. Losses Due to Disaster...2 A. Deducting Casualty Losses...2 B. Quick Tax Refunds From Casualty Losses...2 C. Complications

More information

DEBT FORGIVENESS AND MODIFICATION: A Primer for the Non-tax Attorney. Wayne R. Johnson, Esq. 1

DEBT FORGIVENESS AND MODIFICATION: A Primer for the Non-tax Attorney. Wayne R. Johnson, Esq. 1 DEBT FORGIVENESS AND MODIFICATION: A Primer for the Non-tax Attorney by Wayne R. Johnson, Esq. 1 The last two years have been trying to say the least. The dot-com implosion and the events of September

More information

How To Discharge A Tax Debt

How To Discharge A Tax Debt How to Bankrupt Income Taxes 507 & 523 Attorney Nick C Thompson Louisville KY 40223 800 Stone Creek Parkway Suite 6 Louisville KY 40223 502-429-0057 Bankruptcy@Bankruptcy-Divorce.com www.bankruptcy-divorce.com

More information

PUBLISH UNITED STATES BANKRUPTCY APPELLATE PANEL OF THE TENTH CIRCUIT. Bankr. No. 11-11044 HOLLY L. WOGOMAN,

PUBLISH UNITED STATES BANKRUPTCY APPELLATE PANEL OF THE TENTH CIRCUIT. Bankr. No. 11-11044 HOLLY L. WOGOMAN, PUBLISH UNITED STATES BANKRUPTCY APPELLATE PANEL OF THE TENTH CIRCUIT FILED U.S. Bankruptcy Appellate Panel of the Tenth Circuit July 3, 2012 Blaine F. Bates Clerk IN RE MITCHELL J. WOGOMAN, also known

More information

Federal Tax Issues in Bankruptcy A View From Your Friends at the IRS and DOJ

Federal Tax Issues in Bankruptcy A View From Your Friends at the IRS and DOJ Federal Tax Issues in Bankruptcy A View From Your Friends at the IRS and DOJ Richard Charles Grosenick Office of Chief Counsel IRS Special Assistant United States Attorney 211 W. Wisconsin Ave. Suite 807

More information

Mortgage Forgiveness Debt Relief Act of 2007 Reduces Negative Tax Consequences from Foreclosures

Mortgage Forgiveness Debt Relief Act of 2007 Reduces Negative Tax Consequences from Foreclosures Mortgage Forgiveness Debt Relief Act of 2007 Reduces Negative Tax Consequences from Foreclosures APRIL 2008 - During the recent U.S. real estate boom, some lending institutions abandoned all caution. Lending

More information

UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF MICHIGAN SOUTHERN DIVISION

UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF MICHIGAN SOUTHERN DIVISION UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF MICHIGAN SOUTHERN DIVISION In Re: Jason D. Misleh, Case Number: 15-41721 Debtor. Chapter 13 Honorable Mark A. Randon / I. INTRODUCTION OPINION AND ORDER

More information

RESTRUCTURING DEBT ON DISTRESSED REAL ESTATE

RESTRUCTURING DEBT ON DISTRESSED REAL ESTATE RESTRUCTURING DEBT ON DISTRESSED REAL ESTATE A. Alteration of Mortgage Debt 1. Cancellation or Reduction of Principal Amount of Mortgage Debt - Impact on Mortgagor a. General rule b. No Foreclosure c.

More information

UNITED STATES BANKRUPTCY COURT WESTERN DISTRICT OF WASHINGTON AT TACOMA. The attached decision, filed in In re Weatherspoon, Case No.

UNITED STATES BANKRUPTCY COURT WESTERN DISTRICT OF WASHINGTON AT TACOMA. The attached decision, filed in In re Weatherspoon, Case No. Entered on Docket January, 1 In re: DAVID ALLEN PERMAN and MARY DEE PERMAN, UNITED STATES BANKRUPTCY COURT WESTERN DISTRICT OF WASHINGTON AT TACOMA Debtors. Case No. -1-BDL NOTICE OF MEMORANDUM DECISION

More information

Presented by: David L. Rice, Esq. For CalCPA Pasadena Discussion Group. (c) David L. Rice

Presented by: David L. Rice, Esq. For CalCPA Pasadena Discussion Group. (c) David L. Rice Presented by: David L. Rice, Esq. For CalCPA Pasadena Discussion Group 1 Mortgage defaults and foreclosures are of a national concern. In 2011, nearly 5,000,000 borrowers are behind on their mortgage.

More information

Recent Development in S Corporation and Qualified Subchapter S Subsidiary Tax Status in Bankruptcy: In re Majestic Star Casino

Recent Development in S Corporation and Qualified Subchapter S Subsidiary Tax Status in Bankruptcy: In re Majestic Star Casino Bankruptcy Transaction and Structure Insights Recent Development in S Corporation and Qualified Subchapter S Subsidiary Tax Status in Bankruptcy: In re Majestic Star Casino Brett Berlin, Esq. This discussion

More information

REAL ESTATE DEBT OUTS ) AND FORECLOSURES: SELECTED TAX CONSEQUENCES

REAL ESTATE DEBT OUTS ) AND FORECLOSURES: SELECTED TAX CONSEQUENCES REAL ESTATE DEBT RESTRUCTURING ( WORK- OUTS ) AND FORECLOSURES: SELECTED TAX CONSEQUENCES Presented by Robert Falb Robert Honigman Arent Fox LLP Washington, DC New York, NY Los Angeles, CA October 15 and

More information

Is Cancellation of Debt Income Taxable? One question that I am asked often these days is whether cancellation of debt (COD) income is taxable or not?

Is Cancellation of Debt Income Taxable? One question that I am asked often these days is whether cancellation of debt (COD) income is taxable or not? Is Cancellation of Debt Income Taxable? One question that I am asked often these days is whether cancellation of debt (COD) income is taxable or not? For tax purposes, the general rule is that all debt

More information

UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF CALIFORNIA. GUIDELINES FOR PAYMENT OF ATTORNEYS' FEES IN CHAPTER 13 CASES (Effective July 1, 2003)

UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF CALIFORNIA. GUIDELINES FOR PAYMENT OF ATTORNEYS' FEES IN CHAPTER 13 CASES (Effective July 1, 2003) UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF CALIFORNIA GUIDELINES FOR PAYMENT OF ATTORNEYS' FEES IN CHAPTER 13 CASES (Effective July 1, 2003 The following are Guidelines for the circumstances under

More information

WORKING OUT AND RESTRUCTURING DISTRESSED DEBT TAX TRAPS AND TECHNIQUES TO ACHIEVE FAVORABLE OUTCOMES

WORKING OUT AND RESTRUCTURING DISTRESSED DEBT TAX TRAPS AND TECHNIQUES TO ACHIEVE FAVORABLE OUTCOMES WORKING OUT AND RESTRUCTURING DISTRESSED DEBT TAX TRAPS AND TECHNIQUES TO ACHIEVE FAVORABLE OUTCOMES State Bar of Wisconsin Annual Convention May 6, 2009 Richard A. Latta Michael Best & Friedrich LLP One

More information

2/26/2014 FRA Unpublished

2/26/2014 FRA Unpublished Sale free and clear of liens U.S.C (f)(), (), and () Clear Channel, 1 BR (th Cir. BAP 0) Clayton Smith and Cristle Smith, Case No. 1-1-tmr //1 FRA Unpublished The Trustee sought authority to sell real

More information

TAX CONSEQUENCES OF MORTGAGE MODIFICATIONS

TAX CONSEQUENCES OF MORTGAGE MODIFICATIONS TAX CONSEQUENCES OF MORTGAGE MODIFICATIONS 1 Presenters: Jeff Gentes, Connecticut Fair Housing Center Elizabeth Maresca, Fordham Law School Diane E. Thompson, NCLC CANCELLATION OF DEBT - GENERAL RULES

More information

Instructions for Forms 1099-A and 1099-C

Instructions for Forms 1099-A and 1099-C 2016 Instructions for Forms 1099-A and 1099-C Department of the Treasury Internal Revenue Service Acquisition or Abandonment of Secured Property and Cancellation of Debt Section references are to the Internal

More information

IN THE COMMONWEALTH COURT OF PENNSYLVANIA. City of Philadelphia : : v. : No. 85 C.D. 2006 : Argued: November 14, 2006 James Carpino, : Appellant :

IN THE COMMONWEALTH COURT OF PENNSYLVANIA. City of Philadelphia : : v. : No. 85 C.D. 2006 : Argued: November 14, 2006 James Carpino, : Appellant : IN THE COMMONWEALTH COURT OF PENNSYLVANIA City of Philadelphia : : v. : No. 85 C.D. 2006 : Argued: November 14, 2006 James Carpino, : Appellant : BEFORE: HONORABLE ROBERT SIMPSON, Judge HONORABLE MARY

More information

THE UNITED STATES BANKRUPTCY COURT FOR THE EASTERN DISTRICT OF TEXAS SHERMAN DIVISION

THE UNITED STATES BANKRUPTCY COURT FOR THE EASTERN DISTRICT OF TEXAS SHERMAN DIVISION EOD 11/15/2007 THE UNITED STATES BANKRUPTCY COURT FOR THE EASTERN DISTRICT OF TEXAS SHERMAN DIVISION IN RE: CASE NO. 07-40470-R JUAN ARMANDO HERNANDEZ XXX-XX-3393 CHAPTER 13 1801 AVON DRIVE CORINTH, TX

More information

UNITED STATES BANKRUPTCY COURT MIDDLE DISTRICT OF NORTH CAROLINA DURHAM DIVISION

UNITED STATES BANKRUPTCY COURT MIDDLE DISTRICT OF NORTH CAROLINA DURHAM DIVISION UNITED STATES BANKRUPTCY COURT MIDDLE DISTRICT OF NORTH CAROLINA DURHAM DIVISION In re: ) ) Joseph Cortez Evans and ) Case No. 11-80123 Marsha Ann Evan, ) ) Debtors. ) ) ORDER AND OPINION DENYING MOTION

More information

BANKRUPTCY: THE SILVER BULLET OF TAX DEFENSE. Dennis Brager, Esq.*

BANKRUPTCY: THE SILVER BULLET OF TAX DEFENSE. Dennis Brager, Esq.* Adapted from an article that originally appeared in the California Tax Lawyer, Winter 1997 BANKRUPTCY: THE SILVER BULLET OF TAX DEFENSE Dennis Brager, Esq.* Many individuals, including accountants and

More information

UNITED STATES BANKRUPTCY COURT FOR THE WESTERN DISTRICT OF MICHIGAN ORIGINAL CHAPTER 13 PLAN

UNITED STATES BANKRUPTCY COURT FOR THE WESTERN DISTRICT OF MICHIGAN ORIGINAL CHAPTER 13 PLAN UNITED STATES BANKRUPTCY COURT FOR THE WESTERN DISTRICT OF MICHIGAN In Re: Debtor(s), / Case #: Chapter 13 Hon. Filed: ORIGINAL CHAPTER 13 PLAN Check this box if this plan deviates in any way from the

More information

UNITED STATES BANKRUPTCY COURT DISTRICT OF MASSACHUSETTS WESTERN DIVISION

UNITED STATES BANKRUPTCY COURT DISTRICT OF MASSACHUSETTS WESTERN DIVISION Document Page 1 of 9 UNITED STATES BANKRUPTCY COURT DISTRICT OF MASSACHUSETTS WESTERN DIVISION ) In re: ) ) Chapter 7 YARMYN FELIBERTY, ) Case No. 12-31819 ) Debtor ) ) MEMORANDUM OF DECISION Before the

More information

Developing Areas in the Treatment of Tax Debts in Bankruptcy after 2010

Developing Areas in the Treatment of Tax Debts in Bankruptcy after 2010 Developing Areas in the Treatment of Tax Debts in Bankruptcy after 2010 Maryland State Bar Association Tax Section Symposium University of Baltimore School of Law March 2016 Russell J. Haynes, J.D. www.haynestaxlaw.com

More information

United States Court of Appeals

United States Court of Appeals In the United States Court of Appeals No. 13-1186 For the Seventh Circuit IN RE: JAMES G. HERMAN, Debtor-Appellee. APPEAL OF: JOHN P. MILLER Appeal from the United States District Court for the Northern

More information

Bank Giveth - Section 1001 Gain and COD Income

Bank Giveth - Section 1001 Gain and COD Income What the Bank Giveth, the IRS May (Partially) Take Away An Introduction to the Tax Aspects of Workouts February 17, 2009 By: Gregory R. Wilson Many individual and business taxpayers are currently struggling

More information

DISCHARGEABILITY OF INCOME TAX

DISCHARGEABILITY OF INCOME TAX DISCHARGEABILITY OF INCOME TAX I. INTRODUCTION Contrary to popular belief, back due income taxes can be discharged in bankruptcy. The ability to discharge an IRS obligation was added to the Bankruptcy

More information

Common Foreclosure and Cancellation of Debt Issues for Real Property (edited transcript)

Common Foreclosure and Cancellation of Debt Issues for Real Property (edited transcript) Common Foreclosure and Cancellation of Debt Issues for Real Property (edited transcript) Yvonne McDuffie-Williams: Thank you. As he said, my name is Yvonne McDuffie-Williams. I am a senior program analyst

More information

UNITED STATES BANKRUPTCY COURT DISTRICT OF VIRGINIA Division CHAPTER 13 PLAN AND RELATED MOTIONS

UNITED STATES BANKRUPTCY COURT DISTRICT OF VIRGINIA Division CHAPTER 13 PLAN AND RELATED MOTIONS UNITED STATES BANKRUPTCY COURT DISTRICT OF VIRGINIA Division CHAPTER 13 PLAN AND RELATED MOTIONS Name of Debtor(s): Case No: This Plan, dated, is: the first Chapter 13 Plan filed in this case. a modified

More information

USING BANKRUPTCY TO PROVIDE RELIEF FROM TAX DEBT

USING BANKRUPTCY TO PROVIDE RELIEF FROM TAX DEBT USING BANKRUPTCY TO PROVIDE RELIEF FROM TAX DEBT EXPLORE ALL OPTIONS - Collection Statute End Date--IRC 6502 - Offer in Compromise--IRC 7122 - Installment Agreement--IRC 6159 - Currently uncollectible

More information

Taxpayers. What You Should Know. I Found My Voice At The IRS

Taxpayers. What You Should Know. I Found My Voice At The IRS Cancellation Advocating of Debt for Taxpayers What You Should Know I Found My Voice At The IRS National Taxpayer Advocate Podcast Current Law IRS Office of Chief Counsel Cancellation of Debt Section 61(a)(12)

More information

26 CFR 1.121-1: Exclusion of gain from sale or exchange of a principal residence. (Also: 61, 165, 691, 1001; 1.61-6, 1.165-1, 1.691(a)-1, 1.1001-1.

26 CFR 1.121-1: Exclusion of gain from sale or exchange of a principal residence. (Also: 61, 165, 691, 1001; 1.61-6, 1.165-1, 1.691(a)-1, 1.1001-1. Section 121. Exclusion of gain from sale of principal residence 26 CFR 1.121-1: Exclusion of gain from sale or exchange of a principal residence. (Also: 61, 165, 691, 1001; 1.61-6, 1.165-1, 1.691(a)-1,

More information

Page 1 of 9 Home > Legal > Tax Folder > Taxation of Foreclosures and Short Sales Taxation of Foreclosures and Short Sales find the article at: "http://www.car.org/legal/taxfolder/taxation-foreclosures-shortsales/"

More information

Bankruptcy Law Firm Ursula Jones, Attorney

Bankruptcy Law Firm Ursula Jones, Attorney ATTORNEY-CLIENT BANKRUPTCY RETAINER AGREEMENT The Client(s) hereby enter into this Attorney-Client Retainer Agreement with Ursula Jones ( Attorney ). 1. TOTAL FEES AND COSTS (a) Fixed Fee: A fixed fee

More information

FORECLOSURE TAXATION

FORECLOSURE TAXATION FORECLOSURE TAXATION Phil Rosenkranz Attorney At Law Legal Aid Society of Milwaukee 521 North 8th Street Milwaukee, Wisconsin 53233 (414) 727-5300 (414) 291-5488 (fax) prosenkranz@lasmilwaukee.com Sean

More information

The Impact of Bankruptcy on Intellectual Property Licenses. Presented by: Felton E. Parrish, Partner Charlotte +1 (704) 350-7820 fparrish@winston.

The Impact of Bankruptcy on Intellectual Property Licenses. Presented by: Felton E. Parrish, Partner Charlotte +1 (704) 350-7820 fparrish@winston. The Impact of Bankruptcy on Intellectual Property Licenses Presented by: Felton E. Parrish, Partner Charlotte +1 (704) 350-7820 fparrish@winston.com Bankruptcy Basics Automatic Stay Filing of bankruptcy

More information

Thomas M. Gore McCorkle & Johnson, LLP Savannah, Georgia 912-232-6000. Table of Contents. I. Overview of Creditor s Rights...1

Thomas M. Gore McCorkle & Johnson, LLP Savannah, Georgia 912-232-6000. Table of Contents. I. Overview of Creditor s Rights...1 PROTECTING CREDITORS IN BANKRUPTCY Thomas M. Gore McCorkle & Johnson, LLP Savannah, Georgia 912-232-6000 Table of Contents I. Overview of Creditor s Rights...1 A. Overview of Chapters 7, 11, and 13...1

More information

Internal Revenue Service

Internal Revenue Service Internal Revenue Service Number: 200741003 Release Date: 10/12/2007 Index Number: 468B.07-00, 162.00-00, 461.00-00, 461.01-00, 172.01-00, 172.01-05, 172.06-00, 108.01-00, 108.01-01, 108.02-00 -----------------------

More information

Taxes and Bankruptcy

Taxes and Bankruptcy Taxes and Bankruptcy Charles S. Parnell Parnell & Associates, P.C. 4891 Independence St., Suite 240 Wheat Ridge, CO 80033 303-234-0574 303-234-1415 fax charles@cparnell.com TABLE OF CONTENTS I. INTRODUCTION

More information

Outline: 108 Cancellation of Debt Income

Outline: 108 Cancellation of Debt Income Outline: 108 Cancellation of Debt Income Contents Page I. GROSS INCOME INCLUDES... 2 A. Definition... 2 B. Policies... 3 II. 108 GENERALLY... 4 A. Definitions... 4 B. 108(a) Exclusions from Income... 5

More information

Real Property: Cancellation of Debt and Foreclosure

Real Property: Cancellation of Debt and Foreclosure Real Property: Cancellation of Debt and Foreclosure Kim Lawson Senior tax analyst Small Business/Self-Employed Division May 16, 2012 The information contained in this presentation is current as of the

More information

REAL ESTATE PROPERTY FORECLOSURE and CANCELLATION OF DEBT AUDIT TECHNIQUE GUIDE

REAL ESTATE PROPERTY FORECLOSURE and CANCELLATION OF DEBT AUDIT TECHNIQUE GUIDE REAL ESTATE PROPERTY FORECLOSURE and CANCELLATION OF DEBT AUDIT TECHNIQUE GUIDE NOTE: This document is not an official pronouncement of the law or the position of the Service and cannot be used, cited,

More information

Enforcing Liens On Exempt And Excluded Property

Enforcing Liens On Exempt And Excluded Property Office of Chief Counsel Internal Revenue Service Memorandum Number: 200634012 Release Date: 8/25/2006 CC:PA:CBS:02:DADonnelly POSTN-116657-06 UILC: 09.26.05-00 date: June 23, 2006 to: Edwin A. Herrera

More information

UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION MEMORANDUM OPINION

UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION MEMORANDUM OPINION UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION In re: ) Case No. 04 B 26948 ) VICTOR AND LINDA WILSON, ) Chapter 13 ) Debtors. ) Judge Pamela S. Hollis MEMORANDUM OPINION

More information

Case 09-12724 Doc 42 Filed 02/24/10 Entered 02/24/10 15:46:02 Main Document Page 1 of 6 UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF LOUISIANA

Case 09-12724 Doc 42 Filed 02/24/10 Entered 02/24/10 15:46:02 Main Document Page 1 of 6 UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF LOUISIANA Page 1 of 6 UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF LOUISIANA IN RE: CASE NO. LENA L. BOUDREAUX 09-12724 SECTION A DEBTOR CHAPTER 13 REASONS FOR DECISION This matter came before the Court on

More information

S-Corp and QSub Tax Status as Property of the Bankruptcy Estate. Ryan Jennings, J.D. Candidate 2015

S-Corp and QSub Tax Status as Property of the Bankruptcy Estate. Ryan Jennings, J.D. Candidate 2015 2014 Volume VI No. 17 S-Corp and QSub Tax Status as Property of the Bankruptcy Estate Ryan Jennings, J.D. Candidate 2015 Cite as: S-Corp and Qsub Tax Status as Property of the Bankruptcy Estate, 6 ST.

More information

DISCHARGE OF INDEBTEDNESS INCOME PLANNING OPPORTUNITIES

DISCHARGE OF INDEBTEDNESS INCOME PLANNING OPPORTUNITIES DISCHARGE OF INDEBTEDNESS INCOME PLANNING OPPORTUNITIES Thomas Mammarella Gordon, Fournaris & Mammarella, P.A. 1925 Lovering Avenue Wilmington, DE 19806 Tel: (302) 652-2900 Fax: (302) 652-1142 tmammarella@gfmlaw.com

More information

TENNESSEE DEPARTMENT OF REVENUE LETTER RULING # 11-44 WARNING

TENNESSEE DEPARTMENT OF REVENUE LETTER RULING # 11-44 WARNING TENNESSEE DEPARTMENT OF REVENUE LETTER RULING # 11-44 WARNING Letter rulings are binding on the Department only with respect to the individual taxpayer being addressed in the ruling. This presentation

More information

503-326-4000 (phone) 503-326-7658 (fax)

503-326-4000 (phone) 503-326-7658 (fax) Visit our website at http://www.justice.gov/ust/r18/portland/chapter11.htm United States Trustee 620 SW Main St., Suite 213 Portland, OR 97205 503-326-4000 (phone) 503-326-7658 (fax) TO: CHAPTER 11 DEBTORS,

More information

Michigan Association of County Treasurers 2013 Summer Conference Crystal Mountain August 11-14, 2013 BANKRUPTCY

Michigan Association of County Treasurers 2013 Summer Conference Crystal Mountain August 11-14, 2013 BANKRUPTCY Michigan Association of County Treasurers 2013 Summer Conference Crystal Mountain August 11-14, 2013 BANKRUPTCY Monday, August 12, 2013 9:30 a.m. 10:30 a.m. Presented by: John R. Axe of Axe & Ecklund,

More information

IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF WEST VIRGINIA ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF WEST VIRGINIA ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) Dated: Thursday, December 06, 2012 1:40:31 PM IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF WEST VIRGINIA IN RE: ROBERT T. HUGHES, Debtor. ROBERT T. HUGHES, v. Plaintiff, AMERICAN

More information

Overview on Bankruptcy for the Family Farmer

Overview on Bankruptcy for the Family Farmer Overview on Bankruptcy for the Family Farmer (June 2005) Phyllis J. Marquitz and Stephen L. Weber Jr. Legal Research Assistants Under the Direction and Supervision of Professor Leslie MacRae The Agricultural

More information

Foreclosures on the Rise

Foreclosures on the Rise That Pesky COD Karen Brosi, EA, CFP Foreclosures 2 1 Foreclosures on the Rise Top 4 states at Sep 30, 2009: Nevada Arizona California Florida 2.5 million properties p received default notice first 9 months

More information

INTRODUCTION TO BANKRUPTCY CODE REMEDIES. 101 Overview... 1. 115 Glossary... 2. 125 Advantages and Disadvantages of Tax Remedies...

INTRODUCTION TO BANKRUPTCY CODE REMEDIES. 101 Overview... 1. 115 Glossary... 2. 125 Advantages and Disadvantages of Tax Remedies... INTRODUCTION TO BANKRUPTCY CODE REMEDIES 101 Overview......................... 1 115 Glossary......................... 2 125 Advantages and Disadvantages of Tax Remedies....... 6.01 Tax Code remedy: statute

More information

Consultation Agreement and Acknowledgement of Receipt of Disclosures and Instructions

Consultation Agreement and Acknowledgement of Receipt of Disclosures and Instructions Please Note: These Notices are required by legislation adopted by Congress in October 2005, after intense lobbying by the credit industry. In my opinion, these notices are designed to scare and intimidate

More information

Real Estate Accounting Potpourri. Presented by: Jason Thompson Kimberly Brown and Stephanie Onzay

Real Estate Accounting Potpourri. Presented by: Jason Thompson Kimberly Brown and Stephanie Onzay Real Estate Accounting Potpourri Presented by: Jason Thompson Kimberly Brown and Stephanie Onzay Tax Consequences of Debt Discharge & Foreclosure Rules Outline Tax consequences of forgiven debt if: Insolvent

More information

BOSTON BAR ASSOCIATION Consumer Brown Bag 1/8/13 Lunch with the DOR. ALAN ROSENBERG and JEFFREY OGILVIE, MASSACHUSETTS DEPARTMENT OF REVENUE

BOSTON BAR ASSOCIATION Consumer Brown Bag 1/8/13 Lunch with the DOR. ALAN ROSENBERG and JEFFREY OGILVIE, MASSACHUSETTS DEPARTMENT OF REVENUE BOSTON BAR ASSOCIATION Consumer Brown Bag 1/8/13 Lunch with the DOR ALAN ROSENBERG and JEFFREY OGILVIE, MASSACHUSETTS DEPARTMENT OF REVENUE DONALD R. LASSMAN, LAW OFFICE OF DONALD R. LASSMAN, NEEDHAM,

More information

R. PORTER FEILD Burch, Porter & Johnson, PLLC 130 North Court Avenue Memphis, Tennessee 38103 (901) 524-5132. Unusual Issues in Today s Economy

R. PORTER FEILD Burch, Porter & Johnson, PLLC 130 North Court Avenue Memphis, Tennessee 38103 (901) 524-5132. Unusual Issues in Today s Economy R. PORTER FEILD Burch, Porter & Johnson, PLLC 130 North Court Avenue Memphis, Tennessee 38103 (901) 524-5132 Unusual Issues in Today s Economy Real Estate Concerns in an Unstable Market Foreclosure by

More information

THE BASICS OF CHAPTER 11 BANKRUPTCY

THE BASICS OF CHAPTER 11 BANKRUPTCY THE BASICS OF CHAPTER 11 BANKRUPTCY Bankruptcy is a legal proceeding in which a debtor declares an inability to pay consumer or business debts as they become due. Debtors may seek to be excused from continuing

More information

Re: Dischargeability of Court-Ordered Restitution When the Debtor has Filed a Petition in Bankruptcy

Re: Dischargeability of Court-Ordered Restitution When the Debtor has Filed a Petition in Bankruptcy 1 of 8 6/23/2005 8:28 AM November 30,1994 The Honorable Winona E. Rubin Director of Human Services State of Hawaii 1390 Miller Street Honolulu, Hawaii 96813 Dear Ms. Rubin: Re: Dischargeability of Court-Ordered

More information

IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ALABAMA WESTERN DIVISION. v. AP No. 08-70044 MEMORANDUM OF DECISION

IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ALABAMA WESTERN DIVISION. v. AP No. 08-70044 MEMORANDUM OF DECISION Document Page 1 of 16 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ALABAMA WESTERN DIVISION IN RE: DENISE L. EVANS, Case No. 08-71204-CMS-07 Debtor. PREMIER SELF STORAGE, LLC., Plaintiff,

More information

ORDERED in the Southern District of Florida on November 17, 2011.

ORDERED in the Southern District of Florida on November 17, 2011. Case 11-01923-EPK Doc 38 Filed 11/17/11 Page 1 of 9 [Tagged Opinion] ORDERED in the Southern District of Florida on November 17, 2011. Erik P. Kimball, Judge United States Bankruptcy Court UNITED STATES

More information

Bankruptcy YOU SHOULD ALWAYS CHECK WITH YOUR LEGAL COUNSEL FIRST. I. What Happens When You Receive Notification of Bankruptcy?

Bankruptcy YOU SHOULD ALWAYS CHECK WITH YOUR LEGAL COUNSEL FIRST. I. What Happens When You Receive Notification of Bankruptcy? Bankruptcy YOU SHOULD ALWAYS CHECK WITH YOUR LEGAL COUNSEL FIRST I. What Happens When You Receive Notification of Bankruptcy? When an institution receives a notice that a borrower has filed a petition

More information

UNITED STATES BANKRUPTCY COURT MIDDLE DISTRICT OF FLORIDA DIVISION www.flmb.uscourts.gov ORDER CONFIRMING PLAN

UNITED STATES BANKRUPTCY COURT MIDDLE DISTRICT OF FLORIDA DIVISION www.flmb.uscourts.gov ORDER CONFIRMING PLAN UNITED STATES BANKRUPTCY COURT MIDDLE DISTRICT OF FLORIDA DIVISION www.flmb.uscourts.gov In re: Case No. Chapter 13 Debtor. 1 / ORDER CONFIRMING PLAN THIS CASE came on for a hearing on *, 201* following

More information

UNITED STATES BANKRUPTCY COURT FOR THE EASTERN DISTRICT OF WISCONSIN MEMORANDUM DECISION ON MOTION FOR RELIEF FROM STAY, ABANDONMENT AND OTHER RELIEF

UNITED STATES BANKRUPTCY COURT FOR THE EASTERN DISTRICT OF WISCONSIN MEMORANDUM DECISION ON MOTION FOR RELIEF FROM STAY, ABANDONMENT AND OTHER RELIEF UNITED STATES BANKRUPTCY COURT FOR THE EASTERN DISTRICT OF WISCONSIN In re Chapter 13 Brian J. Johnson, Case No. 12-24085-svk Debtor. MEMORANDUM DECISION ON MOTION FOR RELIEF FROM STAY, ABANDONMENT AND

More information

FOR PUBLICATION UNITED STATES BANKRUPTCY APPELLATE PANEL FOR THE FIRST CIRCUIT

FOR PUBLICATION UNITED STATES BANKRUPTCY APPELLATE PANEL FOR THE FIRST CIRCUIT Page 1 of 10 FOR PUBLICATION UNITED STATES BANKRUPTCY APPELLATE PANEL FOR THE FIRST CIRCUIT BAP NOS. MW 06-025, 06-029 Bankruptcy Case No. 04-43698-HJB FREDERICK J. CROCKER and MAUREEN O. CROCKER, Debtors.

More information

4:13-cv-10877-MAG-LJM Doc # 16 Filed 07/03/13 Pg 1 of 7 Pg ID 126 UNITED STATES DISTRICT COURT EASTERN DISTRICT OF MICHIGAN SOUTHERN DIVISION

4:13-cv-10877-MAG-LJM Doc # 16 Filed 07/03/13 Pg 1 of 7 Pg ID 126 UNITED STATES DISTRICT COURT EASTERN DISTRICT OF MICHIGAN SOUTHERN DIVISION 4:13-cv-10877-MAG-LJM Doc # 16 Filed 07/03/13 Pg 1 of 7 Pg ID 126 UNITED STATES DISTRICT COURT EASTERN DISTRICT OF MICHIGAN SOUTHERN DIVISION MICHAEL BUSSARD, v. Plaintiff, SHERMETA, ADAMS AND VON ALLMEN,

More information

UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF OHIO EASTERN DIVISION - YOUNGSTOWN

UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF OHIO EASTERN DIVISION - YOUNGSTOWN UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF OHIO EASTERN DIVISION - YOUNGSTOWN In re: ) Chapter 13 Case No.: ) ) Judge Kay Woods ) ) G Original Chapter 13 Plan dated ) G (First) Amended

More information

TAXATION AND THE BANKRUPTCY CODE

TAXATION AND THE BANKRUPTCY CODE Chapter 4: Other Recommendations and Issues TAXATION AND THE BANKRUPTCY CODE COMMENTS PREPARED BY PROFESSOR JACK WILLIAMS RECOMMENDATIONS 4.2.1 Clarify provisions of the Bankruptcy Code on providing reasonable

More information

IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF IDAHO

IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF IDAHO IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF IDAHO In re: ALAN GREENWAY, Bankruptcy Case No. 04-04100 dba Greenway Seed Co., Debtor. MEMORANDUM OF DECISION Appearances: D. Blair Clark, RINGERT,

More information

2015 ENGAGEMENT AGREEMENT

2015 ENGAGEMENT AGREEMENT Law Offices of Vortman & Feinstein A Partnership of Professional Service Corporations 520 Pike Street Tower, Ste. 2250 Seattle, Washington 98101 Marlin L. Vortman (206) 223-9595 Larry B. Feinstein Fax:

More information

Treatment of COD Income by Partnerships

Treatment of COD Income by Partnerships Treatment of COD Income by Partnerships Stafford Presentation January 28, 2015 Polsinelli PC. In California, Polsinelli LLP Allocation of COD Income COD income is allocated to those partners who are partners

More information

The purchaser of a tax lien is the holder of a tax claim under 11 U.S.C. 511(a) Andrew Reardon, J.D. Candidate 2015

The purchaser of a tax lien is the holder of a tax claim under 11 U.S.C. 511(a) Andrew Reardon, J.D. Candidate 2015 2014 Volume VI No. 26 The purchaser of a tax lien is the holder of a tax claim under 11 U.S.C. 511(a) Andrew Reardon, J.D. Candidate 2015 Cite as: The purchaser of a tax lien is the holder of a tax claim

More information