;
formatowed;
delsps
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
>>
>>
>>
>>
>>
>>
>>
>> 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 Certificat
>> ion
>>
>>
>>
>>
>>
>> -----Original Message-----
>> 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/
>> )
>> ________________________________________________
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>
But it is only income to the extent there is a gain from the sale, no?Sent from my iPhoneOn May 22, 2010, at 12:16 PM, Dennis McGoldrick <
easky1@yahoo.com> wrote:
A sale creates income. Cars cannot be converted into cash except on star trec. ;-)Dennis McGoldrick350 S. Crenshaw Bl., #A207BTorrance, CA 90503On May 22, 2010, at 7:12 AM, "Larry Webb" <
larry@webbklaw.com> 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:
The post was migrated from Yahoo.
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