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Are installment payments received on sale of vehicle

Posted: Sun May 23, 2010 8:26 pm
by Yahoo Bot

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/)
________________________________________________
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.
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.
>>>
>>> Reply to sender
>>>
>>> | Reply to group
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>>> | Start a New Topic
>>>
>>>
>>> Messages in this topic
>>>
>>> (6)
>
>
>

The post was migrated from Yahoo.

Are installment payments received on sale of vehicle

Posted: Sun May 23, 2010 3:24 pm
by Yahoo Bot

charset="windows-1251"
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.
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

The post was migrated from Yahoo.

Are installment payments received on sale of vehicle

Posted: Sun May 23, 2010 3:21 pm
by Yahoo Bot

charset="windows-1251"
I don't make the rules, I just try to follow along. About 2 years ago the
USTE's office made it clear that ANY funds received by a debtor from ANY
source would have to be included in means test unless it was: (1) loan
proceeds; or (2) derived from the Social Security Act.
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.
Larry Webb
Sent: Saturday, May 22, 2010 7:12 AM
To: cdcbaa@yahoogroups.com
Subject: RE: [cdcbaa] Are installment payments received on sale of vehicle
part of CMI?
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

Posted: Fri May 21, 2010 5:55 pm
by Yahoo Bot

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.
>
>
>
>

The post was migrated from Yahoo.