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05/20/2009
Debt Forgiveness hasn't been much discussed in the national news, probably because everything else is so overwhelming. However under the basic IRC§61 (12) (Gross income Defined ) income f from the forgiveness of debt is part of the purest definition of Gross Income. You mortgage a house up to it's purchase price of $200,000, the bank takes it back in an agreed to foreclosure and later sells it for $150,000 - You have forgiveness of income in the amount of $50,000! This is going to happen over and over in a variety of different contexts and it will catch most people totally by surprise. Does this apply to Dissolutions? Your darn right it does.
The 2007 debt may be excludable under the qualified mortgage relief act, but you need to review all the facts and circumstances. Go to the PN "Special Tax Page" to learn more about it.
is a Series of
Short and Long Articles of Possible Assistance to Judicial Officers, the Public
and Even Lawyers. with the addition of the best search engine available why
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Email
Nedley@san.rr.com for Golf Information
It's time to sign up for 2009. The fees are very modest - $40/year and $25 for a dual membership. The Fiesta Dunes Golf Club was formed for the poor schlub who doesn't want to pay 1000's of dollars to join a private club simply to get a golf handicap. FDGC provides you with an honest to goodness real and legitimate USGA/SCGA handicap - good for all purposes. The Professor and his partner Ed Martin in their spare time have met all of the requirements and have become bona fide, certified handicappers with all of the rights that the SCGA can confer. The annual cost is a mere $40 and lower yet if you are a member of more than one such group. You are also eligible for the tournaments that seem to come about every two months.
Go Right to the Tax Update Page:
In the case of JOHANSON v. THE INTERNAL REVENUE
SERVICE the taxpayer lost in Tax court and bravely took the case up on appeal
to the United States Court of Appeals. Guess what? They lost again
with one of the best divorce/tax attorneys in the country.
Professor Nedley is San Diego Superior Court Judge Edward Huntington (Now Retired). Judge Huntington was appointed to the Bench by his friend Governor Wilson in 1995 and has served primarily in Family Law and Civil Trials with short turns in Criminal and Probate. Prior to the Bench Judge Huntington practiced in Family Law and Taxation and was named in the original edition of "Best Lawyers in America". He was and now is California Board Certified in both Family Law and Tax Law and holds an LL.M. in Taxation and a B.S. in Accounting. He is easily amused by obscure research, boats, computers and golf. In December Judge Huntington was named Outstanding Jurist for 2006 by the Southern California Chapter of the American Academy of Matrimonial Lawyers. In 2004 he was named Outstanding Alumnus by the Hastings Law School Alumni Association. Previously active in the Bar, he was President of the San Diego County Bar Association and Vice-President of the State Bar of California, where he chaired the Bar's discipline system. He chaired and co-founded the Certified Family Law Specialists of San Diego and is a long standing Fellow in the American Academy of Matrimonial Lawyers. Professor Nedley Email - nedley@san.rr.com |
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