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Are installment payments received on sale of vehicle part of CMI?

Posted: Mon May 24, 2010 9:13 am
by Yahoo Bot

Gross income on b22i
Dennis McGoldrick
350 S. Crenshaw Bl., #A207B
Torrance, CA 90503
On May 22, 2010, at 12:20 PM, Mark JM wrote:
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

The post was migrated from Yahoo.

Are installment payments received on sale of vehicle part of CMI?

Posted: Sat May 22, 2010 12:20 pm
by Yahoo Bot

;
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/
>> )
>> ________________________________________________
>> 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
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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.

Are installment payments received on sale of vehicle part of CMI?

Posted: Sat May 22, 2010 12:16 pm
by Yahoo Bot

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

The post was migrated from Yahoo.

Are installment payments received on sale of vehicle part of CMI?

Posted: Sat May 22, 2010 9:24 am
by Yahoo Bot

charset="windows-1251"
Fitting question, given today's MCLE on B22:
If car: debtor makes car payment, gets to deduct it from B22, line 47.
If car and parents assume loan: debtor gets line 47 but must show parents
pay car, which is income in B22 and thus a wash.
If cash and parents now own car title, loan is paid off (no longer a line 47
deduction), I'd argue that's a double B22 penalty. Cash is asset in place

The post was migrated from Yahoo.

Are installment payments received on sale of vehicle part of CMI?

Posted: Sat May 22, 2010 7:12 am
by Yahoo Bot

charset="windows-1251"
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

The post was migrated from Yahoo.

Are installment payments received on sale of vehicle part of CMI?

Posted: Fri May 21, 2010 5:43 pm
by Yahoo Bot

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.

The post was migrated from Yahoo.