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Can debtor/principal of LLC forgive debt owed by
And there were no issues with its legitimacy or anything like that?
In your case had the debtor's corporation listed the debt on the
corp's tax returns or other financial statements?
On 9/9/2017 4:14 PM, Stella Havkin havkinlaw@earthlink.net [cdcbaa]
wrote:
>
>
> Yes I did it with a sub s corporation.
>
> Sent from Stella Havkin's iPhone
>
> On Sep 9, 2017, at 4:05 PM, 'Mark J. Markus' bklawr@yahoo.com
> [cdcbaa] > wrote:
>
>> Trying to get a case to fit in Chapter 13 109(e) limits.
>>
>> Debtor owns 100% of an LLC which is not profitable and/or not
>> operating. The LLC has loaned the debtor $240,000 over the years
>> and has that loan on its books.
>>
>> Is there any legitimate way the LLC can forgive the loan thereby
>> enabling the debtor to qualify for Ch. 13?
>>
>> Please ignore issues such as whether that creates possibly
>> nonexempt value in the LLC.
>>
>> Thanks all.
>>
>>
>>
>> *************************
>> Mark J. Markus
>> Law Office of Mark J. Markus
>> _*Mailing Address Only:*_
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>> Studio City, CA 91604-2652
>> (818)509-1173 (818)332-1180 (fax)
>> web: http://www.bklaw.com/
>> Certified Bankruptcy Law Specialist--The State Bar of California
>> Board of Legal Specialization
>> This Firm is a Qualified Federal Debt Relief Agency
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*************************
Mark J. Markus
Law Office of Mark J. Markus
_*Mailing Address Only:*_
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)332-1180 (fax)
web: http://www.bklaw.com/
Certified Bankruptcy Law Specialist--The State Bar of California
Board of Legal Specialization
This Firm is a Qualified Federal Debt Relief Agency
________________________________________________
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.
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