Are installment payments received on sale of vehicle
Posted: Sun May 23, 2010 8:26 pm
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/)
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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.
>>>
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