.jpg)
According to the US Trustee representative at our meeting Saturday, this
would likely be considered repayment on a loan and thus, not part of CMI.
*************************
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (fax)
web: http://www.bklaw.com/
This Firm is a Qualified Federal Debt Relief Agency (see what this means at http://bklaw.com/bankruptcy-blog/2008/0 ... efinition/)
________________________________________________
NOTICE: This Electronic Message contains information from the law office of Mark J. Markus that may be privileged. The information is intended for the use of the addressee only. If you are not the addressee, note that any disclosure, copy, distribution or use of the contents of this message is prohibited.
IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication.
On 5/23/2010 3:24 PM, David A. Tilem wrote:
>
>
> Please do not confuse the word "income" used in the tax code with the
> word "income" used in the means test. The word "income" in the means
> test, translated into English, means "gross receipts".
> *David A. Tilem*
> Certified Bankruptcy Specialist**^*+ **
> Law Offices of David A. Tilem (a debt relief agency)
> 206 N. Jackson Street, #201, Glendale, CA 91206
> Tel: 818-507-6000 Fax: 818-507-6800
> * Bankruptcy specialist cert. by State Bar of CA Bd of Legal
> Specialization.
> + Business bankruptcy specialist cert. by Amer. Bd. of Certification
> -----Original Message-----
> *From:* cdcbaa@yahoogroups.com [mailto:cdcbaa@yahoogroups.com] *On
> Behalf Of *Mark JM
> *Sent:* Saturday, May 22, 2010 12:20 PM
> *To:* cdcbaa@yahoogroups.com
> *Subject:* Re: [cdcbaa] Are installment payments received on sale of
> vehicle part of CMI?
>
> But it is only income to the extent there is a gain from the sale, no?
>
> Sent from my iPhone
>
> On May 22, 2010, at 12:16 PM, Dennis McGoldrick > wrote:
>
>> A sale creates income. Cars cannot be converted into cash except on
>> star trec.
>>
>> Dennis McGoldrick
>> 350 S. Crenshaw Bl., #A207B
>> Torrance, CA 90503
>>
>> On May 22, 2010, at 7:12 AM, "Larry Webb" > > wrote:
>>
>>> How does converting the form of the asset from a car to cash make it
>>> income? If the parents actually received the car, title transferred
>>> etc this would be converting the asset to cash. If the parents are
>>> holding the car as collateral, it would be a loan.
>>>
>>> Larry Webb
>>>
>>> State Bar of California 229344
>>>
>>> Central District California
>>>
>>> "A Debt Relief Agency"
>>>
>>> Larry@webbklaw. com
>>>
>>> Law Offices of Larry Webb
>>>
>>> Camarillo Ca 93010
>>>
>>> P 805.987.1400
>>>
>>> F 805.987.2866
>>>
>>> C 805.750.2150
>>>
>>> *From:* cdcbaa@yahoogroups.com [mailto:cdcbaa@yahoogroups.com] *On
>>> Behalf Of *Mark J. Markus
>>> *Sent:* Friday, May 21, 2010 5:56 PM
>>> *To:* cdcbaa@yahoogroups.com
>>> *Subject:* Re: [cdcbaa] Are installment payments received on sale of
>>> vehicle part of CMI?
>>>
>>> Damn. No deductions for costs of goods sold or anything like that?
>>>
>>> On 5/21/2010 5:53 PM, David A. Tilem wrote:
>>>
>>> Yes, included.
>>>
>>> *David A. Tilem*
>>>
>>> Certified Bankruptcy Specialist*^*+ **^ *
>>>
>>> Law Offices of David A. Tilem (a debt relief agency)
>>>
>>> 206 N. Jackson Street, #201, Glendale, CA 91206
>>>
>>> Tel: 818-507-6000 Fax: 818-507-6800
>>>
>>> * Bankruptcy specialist cert. by State Bar of CA Bd of Legal
>>> Specialization.
>>>
>>> + Business bankruptcy specialist cert. by Amer. Bd. of
>>> Certification
>>>
>>> -----Original Message-----
>>> *From:* cdcbaa@yahoogroups.com
>>> [mailto:cdcbaa@yahoogroups.com ]
>>> *On Behalf Of *Mark J. Markus
>>> *Sent:* Friday, May 21, 2010 5:43 PM
>>> *To:* cdcbaa@yahoogroups.com
>>> *Subject:* [cdcbaa] Are installment payments received on sale of
>>> vehicle part of CMI?
>>>
>>> Debtor sold his car to his parents who have been paying down the
>>> balance
>>> by making the debtor's mortgage payments over the past 6 months.
>>> Are
>>> these payments received includable in the debtor's CMI? I'm sure
>>> there's no capital gain since the purchase price was far more
>>> than the
>>> sales price, so maybe this isn't considered income at all and
>>> technically the debtor isn't RECEIVING the income....
>>>
>>> Thoughts?
>>>
>>> *************************
>>> Mark J. Markus
>>> Law Office of Mark J. Markus
>>> 11684 Ventura Blvd. PMB #403
>>> Studio City, CA 91604-2652
>>> (818)509-1173 (818)509-1460 (fax)
>>> web: http://www.bklaw.com/
>>> This Firm is a Qualified Federal Debt Relief Agency (see what
>>> this means at
>>> http://bklaw.com/bankruptcy-blog/2008/0 ... efinition/)
>>> ________________________________________________
>>> NOTICE: This Electronic Message contains information from the
>>> law office of Mark J. Markus that may be privileged. The
>>> information is intended for the use of the addressee only. If
>>> you are not the addressee, note that any disclosure, copy,
>>> distribution or use of the contents of this message is prohibited.
>>> IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements
>>> imposed by the IRS, we inform you that any U.S. tax advice
>>> contained in this communication (or in any attachment) is not
>>> intended or written to be used, and cannot be used, for the
>>> purpose of (i) avoiding penalties under the Internal Revenue
>>> Code or (ii) promoting, marketing or recommending to another
>>> party any transaction or matter addressed in this communication.
>>>
>>> Reply to sender
>>>
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