Articles in Channel: Tax & Financial Law

Debt cancellation income: a 1099-C isn't always right

Joe Kristan
September 02, 2010 16:42

The IRS assessed Dennis Gaffney over $37,000 in taxes and penalties from 2006 based on a 1099-C from Bank of...The IRS assessed Dennis Gaffney over $37,000 in taxes and penalties from 2006 based on a 1099-C from Bank of America reporting debt cancellation income. Mr. Gaffney probably thought he...

FDCPA Fee-Shifting Applies To Appellate Proceedings, Tenth Circuit Holds

September 02, 2010 16:07

 In Anchondo v. Anderson, Crenshaw & Associates, L.L.C, --- F.3d ---, 2010 WL 3261155 (10th Cir. Aug. 16, 2010), the Tenth Circuit held that, like that of the Truth in Lending Act (TLA), the Fair Debt Collection Practices Act’s (FDCPA) fee-shifting provision encompasses...

Second Circuit Finds No Code §2036 Inclusion of Residence in Decedent's Estate

September 02, 2010 13:50

Estate of Stewart is a new Second Circuit opinion addressing the application of Code §2036 to a situation where a decedent transferred a principal residence but continued to live in it. In Stewart, the decedent owned a Manhattan brownstone. She and her adult son occupied the first two floors...

Where we go all commercial

Joe Kristan
September 02, 2010 13:02

If you like what you see here, maybe you'll like to get some Tax Update-flavored CPE. I'm participating in a...If you like what you see here, maybe you'll like to get some Tax Update-flavored CPE. I'm participating in a webinar on LLCs with some distinguished lawyer-types. The first webcast is...

It's a bad idea even when they aren't looting

Joe Kristan
September 02, 2010 12:51

Tax Policy Blog on the resumption of Iowa film credits in the wake of the film scandal: Because of this...Tax Policy Blog on the resumption of Iowa film credits in the wake of the film scandal: Because of this scandal Iowa temporarily stopped shamelessly handing out cash to filmmakers, but the...

Is The United States Bankrupt? The Dellutri Law Group Offers A Free Consultation.

September 02, 2010 12:49

Is the United States Bankrupt? Yea probably, but it doesn't seem to know it just yet. We are running deficits every year with no end in sight, and the national debt continues to escalate. Normal people would have pulled their hair out by now. Normal people would have said enough is enough. ...

August Bankruptcy Filings Down 8% From July But Still On Record Pace

September 02, 2010 11:56

Historically, August bankruptcy filings are usually less than July. This July we saw an 8% drop in consumer bankruptcy filings across the nation. This statistic does not mean that we are in a recovery, and please don't assume anything than it is just a number. Overall, across the United States,...

Mark Brunnell Answers Questions About His Bankruptcy

September 02, 2010 11:24

Mark Brunnell is a debtor in a Chapter 11 bankruptcy. I don't mean that in a derogatory way. I mean that he is in the process of using the bankruptcy laws and rules to reorganize his sizeable debts. He made a name for himself as a professional football player. Now, as a sign that no-one is...

The Performing Non-Performing Loan: The Paradox Destoying Real Estate Wealth

September 01, 2010 22:46

You would think that if you are current on your bank loans the bank would not want to call the loan or foreclose on the property. You would think that if you are performing your payment obligations and other requirements under a note and loan agreement that the bank would classify your loan as a...

Not everybody is meant to farm

Joe Kristan
September 01, 2010 20:49

Here's one sign that a couple might not have been really cut out for farming: In 2003 petitioners purchased a...Here's one sign that a couple might not have been really cut out for farming: In 2003 petitioners purchased a goat and a horse. The goat was sold soon after it was purchased because,...