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Nonexempt Real Estate Commissions
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Shannon:
Are you asking if they are a cost to be deducted before the trustee gets a cut?
If the commission is paid to a broker up the food chain from your client, then yes, as the costs are usually contractually deducted before the remainder is paid.
If your client is a self employed broker, maybe not, as the costs will likely be discharged, and trustee may argue for a full share. However, most trustee's understand that the costs have to be paid and don't press the issue.
D
On Jun 17, 2013, at 3:31 PM, "Shannon Doyle" wrote:
> Can debtor deduct business expenses from the postpetition commissions earned prepetition?
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> Shannon A. Doyle
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> Attorney at Law
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> 100 N. Barranca Avenue, Suite 250
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> West Covina, CA 91791-1600
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> Tel: (626) 646-2555
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> Fax: (626) 332-8644
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> www.blclaw.com
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cdcbaa
> Sent: Wednesday, May 22, 2013 9:42 PM
> To: cdcbaa@yahoogroups.com
> Subject: Re: [cdcbaa] Nonexempt Real Estate Commissions
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> Shannon:
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> Question of fact. In the past in cases like this, trustees wants to apportion the percentage of work done before filing with the amount done postfiling. Trustee then multiplies the commission by the percentage of the work required postpetition, subtracts that from total commission, and claims the remainder was earned prepetiton and belongs to the estate.
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> d
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> Sent from my iPad
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mailto:cdcbaa@yahoogroups.com] On Behalf Of cdcbaaSent: Wednesday, May 22, 2013 9:42 PMTo: cdcbaa@yahoogroups.comSubject: Re: [cdcbaa] Nonexempt Real Estate Commissions Question of fact. In the past in cases like this, trustees wants to apportion the percentage of work done before filing with the amount done postfiling. Trustee then multiplies the commission by the percentage of the work required postpetition, subtracts that from total commission, and claims the remainder was earned prepetiton and belongs to the estate. d Sent from my iPad
The post was migrated from Yahoo.