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Special Report on

Reduction of nonrecourse debt

reduction of nonrecourse debt special research report Photo by
 applied "substance over form" and "step-transaction" principles to find that cancellation of debt (COD) income was realized by a corporate debtor One who owes a debt or the performance of an obligation to another, who is called the creditor; one who may be compelled to pay a claim or demand; anyone liable on a claim, whether due or to become due. . The Service ruled that the transaction in question was undertaken primarily to avoid application of the general rule that COD income is taxable under Sec. 61(a)(12) and the extension of this principle under Sec. 108(e)(4) to the acquisition of debt at a ...
There are exceptions to this rule, however, so a careful examination of one's COD income is important to determine any potential tax consequences.
H.E.L.P. » Tax Issues Related To Cancellation Of Debt, From The IRS
Since Short Sales are the new push for the next few years, all will need to be very familiar with the tax laws regarding debt relief. If you don’t fully understand this, don’t worry, you’re not alone.  Please take this information with you and sit with a CPA or their equal, prior to doing ANYTHING.  Don’t modify, don’t short sale, don’t allow your home to go into foreclosure.  The last thing I want to witness is you going through a hardship, lose your home and THEN, have a tax issue on top of everything you just went through.   A professional Realtor will tell you to get good tax advice.  If ... market research, surveys and trends
Taxation of Foreclosures and Short Sales
There is a large amount of confusion in the marketplace regarding the taxation to our clients in the event that they experience a foreclosure or a short sale . This article, pulled largely from the California Association Realtors Legal Forum, will help us licensees to become more aware of the effects of these two potentially taxable events. Whenever we discuss taxation as a real estate practitioner, we need to be reminded that we should always advise our clients to seek legal and tax advise from their attorney or tax professional.  Our real estate license enables us to advise our clients about real estate and market issues, but ... market research, surveys and trends


Summary of TARGET CORP - Yahoo! Finance
Our financial results for the third quarter reflect the challenging economy in which we operated. Our Retail Segment's results reflect a modest decrease in comparable-store sales, strong gross margin rate performance and disciplined expense control. Despite continuing to operate in a harsh consumer credit environment, our Credit Card Segment's portfolio continues to exhibit stability and modest profitability. Cash flow provided by operations was $3,027 million and $1,780 million for the nine months ended October 31, 2009 and November 1, 2008, respectively. During the three months ended October 31, 2009, we opened 25 ... industry trends, business articles and survey research
Target : Investors : Financial News Release
MINNEAPOLIS--(BUSINESS WIRE)--May 20, 2008--Target Corporation (NYSE:TGT) today reported net earnings of $602 million for the first quarter ended May 3, 2008, compared with $651 million in the first quarter ended May 5, 2007. Earnings per share in the first quarter decreased 1.4 percent to $0.74 from $0.75 in the same period a year ago. All earnings per share figures refer to diluted earnings per share. The company also announced today that the transaction to sell an undivided interest in approximately 47 percent of its credit card receivables to JPMorgan Chase for cash proceeds of about $3.6 billion was completed on ... industry trends, business articles and survey research
Fitch Rates Target's New $1B Notes Offering 'A'; Outlook Stable
CHICAGO, Jul 13, 2010 (BUSINESS WIRE) -- Fitch Ratings has assigned a rating of 'A' to Target Corporation's (Target) new $1 billion senior unsecured notes offering due 2020. The Rating Outlook is Stable. Proceeds from the offering will be used for general corporate purposes. As of May 1, 2010, Target had $15.7 billion of debt outstanding, including $4.2 billion of nonrecourse debt. The rating reflects Target's disciplined execution of its business strategy as well as strong inventory management and cost control efforts which have helped improve the ... market trends, news research and surveys resources
Griffin Land & Nurseries Inc. Reports Operating Results (10-Q)
Griffin Land & Nurseries Inc. has a market cap of $129.8 million; its shares were traded at around $25.44 with and P/S ratio of 3.3. The dividend yield of Griffin Land & Nurseries Inc. stocks is 1.6%. GRIF is in the portfolios of David Swensen of Yale University, Chuck Royce of Royce& Associates. Griffin incurred a net loss of $0.8 million for the thirteen weeks ended May 29, 2010 (the “2010 second quarter”) as compared to a net loss of $1.0 million for the thirteen weeks ended May 30, 2009 (the “2009 second quarter”). The lower net loss in the 2010 second quarter principally reflects a decrease of ... market trends, news research and surveys resources


Cancellation of Debt Income – What You Need to Know
Debt and Gain or Loss on. Disposition. • Discharge of nonrecourse debt in a ... of the Form 1099-C income by completing. Form 982, Reduction of Tax ... technology research, surveys study and trend statistics
The Mortgage Forgiveness Debt Relief Act and Debt Cancellation
The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief. This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion does not apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the ... technology research, surveys study and trend statistics
Dec 18, 2008 ... 1207 (1998) (describing and comparing nonrecourse debt as ..... “repossession” and credit score reduction if they cannot make their ...
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Tax Law (Questions About Taxes): 1099, irs web site, insolvency rules
My husband and I moved to COlumbus OH 12-1-2005 from Cleveland OH.  At the time we refinanced our Cleveland mortage into a home equity line to provide for the down payment on our Columbus house.  Anyhow, in a long and sad turn of events, we are just now able to sell that Cleveland house.  Due the housing crisis and bad market, the house is worth less than 1/2 what we owe.  The lender has agreed to a short sale and if forgiving roughly 50K in debt on the Cleveland house.  I know we will get a 1099.  Do we qualify for the mortgage debt relief act of 2007?  The house was our primary resisdence 2 ...
Can you possibly verify the ability to not be charged with a ...
If my property were to be sold through a short sale and the amount was less than owed - is there a 2012 Law that allows me not to take that as charged income? I am concerned that through a short sale I will be issued a 1099 for the balance by my lender. I was told through a Realtor that there is a new law that allows the 1099 not to be charged as income if done before the end of 2012? Is this true? Where can i find the exact ruling to give to my local CPA? Do you know of anyone that has exercised this and has it worked? posted 2 months ago in Accounting , Corporate Taxes | Closed Share This I do not handle Short Sales, but I do ...