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Net operating loss carryover
Same advice I gave Justin. Stop playing tax lawyer, unless you want to be a
tax lawyer. Send clients to their CPA for advice.
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.
Matthew Gary Evans
Sent: Thursday, February 04, 2010 5:18 PM
To: cdcbaa@yahoogroups.com
Subject: RE: [cdcbaa] Net operating loss carryover
Now Im officially confused.
They are getting an $11k tax refund on their 2009 return solely on the basis
of Hs net carryover loss from his former (now defunct) business.
I disclosed the carryover loss on SOFA in the original petition. The
trustee at the first 341 meeting asked the clients (H and W filing jointly)
for a letter stating their intent for the carryover loss with regard to
their claimed exemptions, and whether or not they will switch exemptions on
the basis of the refund.which makes me think the trustee believes they can
exempt the refund.
They are currently claiming the 704s because they have a house appraised at
$810k with $739k of mortgage debt, for total equity of $71k. After filing,
they were served with a NOD postmarked pre-filing. This is a C7 case. W is
the sole household wage earner, H refuses to find work, they cant qualify
for a 13 on Ws sole income (income minus expenses negative number). I
dont think they will lose the house to the bk trustee under the 704
homestead exemption, but they could lose the house to the foreclosure
(theyve told me they cant afford to reinstate the mortgage until H gets a
job, which H says he doesnt want to do until the case is discharged).
So at this point, based on the wildcard exemption I was under the impression
that they would likely lose their house no matter which exemption system
they choose, but at least under the 703 they could keep the $11k refund
under the wildcard exemption.
Now it sounds like theres no chance they could keep the $11k refund anyway
because they cant claim the carryover loss in years subsequent to filing
bk. Based on that, it sounds better for them to stick with the 704s, wait
for the trustee to abandon the house, and then try to negotiate something
with the bank.
Am I completely wrong? All input appreciated.
Thanks.
____________________________________
Law Office of Matthew Gary Evans
Matthew Gary Evans, Esq.
16 North Marengo Avenue, Room 219
Pasadena, California 91101
Tel.: (626) 405-9448
Fax: (626) 768-7565
Cell: (213) 842-6645
Email:
matthew@matthewgaryevanslaw.com
www.matthewgaryevanslaw.com
www.matthewgaryevanslaw.net/Bankruptcy
please visit my blog at
matthewevanslaw.wordpress.com
Member: California State Bar, American Bar Association, Consumer Attorneys
Association of Los Angeles, Central District Consumer Bankruptcy Attorneys
Association, National Association of Consumer Bankruptcy Attorneys, Pasadena
Chamber of Commerce
NOTICE: This message is intended only for the individual named. If you are
not the named addressee please do not disseminate, print, or copy this
e-mail. Please notify the sender immediately by reply e-mail if you have
received this e-mail by mistake and delete this e-mail from your system.
Thank you.
The post was migrated from Yahoo.
Tax attributes pass to the trustee and then back to the debtor when the
estate is closed.
The trustee can take advantage of all tax attributes.
Mark is correct that discharge of debt requires reduction in tax attributes,
however I am not sure that the IRS has any way to monitor or audit that or
has ever done so - perhaps only in very high profile cases????? Is that a
reason for Chapter 7 debtors to file claims objections?
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: Thursday, February 04, 2010 5:07 PM
To: cdcbaa@yahoogroups.com
Subject: Re: [cdcbaa] Net operating loss carryover
I'm not sure, but I think that depends on how much debt is being discharged
in the case because tax attributes are reduced (in order of priority)
accordingly.
Sent from my iPhone
On Feb 4, 2010, at 4:30 PM, P L wrote:
I understand that the tax law recently changed to allow the loss to be taken
in prior years under some circumstances. The Ch7 T could potentially amend
the prior years, but the debtor might be able to negotiate a settlement of
part of the refund based unless the Ch7 T assumes the risk of any audit
assessment from the amendments. In any event, I understand the loss can NOT
be taken by the debtor in subsequent tax years after the petition date.
Peter M. Lively, JD/MBA
Law Office of Peter M. Lively * Personal Financial Law Center I
11268 Washington Blvd, Suite 203, Culver City, CA 90230-4647
Telephone: (310)391-2400 * (800)307-3328 * Fax: (310)391-2462
A-Bankruptcy- Attorney.com
Personal Financial Law Center II
1706-B Newport Boulevard, Costa Mesa, CA 92627-3073
Telephone: (949)650-3328
THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY TO
WHICH IT IS ADDRESSED, AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED,
CONFIDENTIAL AND EXEMPT FROM DISCLOSURE UNDER APPLICABLE LAW. IF THE READER
OF THIS MESSAGE IS NOT THE INTENDED RECIPIENT, OR THE EMPLOYEE OR AGENT
RESPONSIBLE FOR DELIVERING THE MESSAGE TO THE INTENDED RECIPIENT, YOU ARE
HEREBY NOTIFIED THAT ANY DISSEMINATION, DISTRIBUTION OR COPYING OF THIS
COMMUNICATION IS STRICTLY PROHIBITED. IF YOU HAVE RECEIVED THIS
COMMUNICATION IN ERROR, PLEASE NOTIFY US IMMEDIATELY BY E-MAIL OR BY
TELEPHONE. THANK YOU.
_____
The post was migrated from Yahoo.
Tax attributes pass to the Trustee. Have never heard of anyone attempting
to use the wildcard to exempt a tax attribute, but who knows. It's an
intriguing possibility.
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.
Dennis McGoldrick
Sent: Thursday, February 04, 2010 9:18 PM
To: cdcbaa@yahoogroups.com
Subject: Re: [cdcbaa] Net operating loss carryover
No
Dennis McGoldrick
350 S. Crenshaw Bl., #A207B
Torrance, CA 90503
On Feb 4, 2010, at 7:12 AM, "Matthew Gary Evans" wrote:
Client operated a business that failed. He had a net operating carryover
loss of $140k in 2008. If uses a portion of the loss to offset his taxes
for his 2009 return, I understand he can claim that as exempt under 703.
But what about a portion of the loss that he can still also carryover into
his 2010 return? Can the trustee still claim that as asset and order him to
turn over his 2010 refund?
____________________________________
Law Office of Matthew Gary Evans
Matthew Gary Evans, Esq.
16 North Marengo Avenue, Room 219
Pasadena, California 91101
Tel.: (626) 405-9448
Fax: (626) 768-7565
Cell: (213) 842-6645
Email: matthew@matthewgary
evanslaw.com
www.matthewgaryevanslaw.com
www.matthewgaryevanslaw.net/Bankruptcy
please visit my blog at matthewevanslaw.
wordpress.com
Member: California State Bar, American Bar Association, Consumer Attorneys
Association of Los Angeles, Central District Consumer Bankruptcy Attorneys
Association, National Association of Consumer Bankruptcy Attorneys, Pasadena
Chamber of Commerce
NOTICE: This message is intended only for the individual named. If you are
not the named addressee please do not disseminate, print, or copy this
e-mail. Please notify the sender immediately by reply e-mail if you have
received this e-mail by mistake and delete this e-mail from your system.
Thank you.
Message
Tax attributes pass to the
Trustee. Have never heard of anyone attempting to use the wildcard toexempt a tax attribute, but who knows. It's an intriguing
possibility.
David A.
Tilem
Certified Bankruptcy
Specialist*
The post was migrated from Yahoo.
No
Dennis McGoldrick
350 S. Crenshaw Bl., #A207B
Torrance, CA 90503
On Feb 4, 2010, at 7:12 AM, "Matthew Gary Evans" wrote:
Client operated a business that failed. He had a net operating carryover loss of $140k in 2008. If uses a portion of the loss to offset his taxes for his 2009 return, I understand he can claim that as exempt under 703. But what about a portion of the loss that he can still also carryover into his 2010 return? Can the trustee still claim that as asset and order him to turn over his 2010 refund?
____________________________________
Law Office of Matthew Gary Evans
Matthew Gary Evans, Esq.
16 North Marengo Avenue, Room 219
Pasadena, California 91101
Tel.: (626) 405-9448
Fax: (626) 768-7565
Cell: (213) 842-6645
Email: matthew@matthewgaryevanslaw.com
www.matthewgaryevanslaw.com
www.matthewgaryevanslaw.net/Bankruptcy
please visit my blog at matthewevanslaw.wordpress.com
Member: California State Bar, American Bar Association, Consumer Attorneys Association of Los Angeles, Central District Consumer Bankruptcy Attorneys Association, National Association of Consumer Bankruptcy Attorneys, Pasadena Chamber of Commerce
NOTICE: This message is intended only for the individual named. If you are not the named addressee please do not disseminate, print, or copy this e-mail. Please notify the sender immediately by reply e-mail if you have received this e-mail by mistake and delete this e-mail from your system. Thank you.
NoDennis McGoldrick350 S. Crenshaw Bl., #A207BTorrance, CA 90503On Feb 4, 2010, at 7:12 AM, "Matthew Gary Evans" <matthew@matthewgaryevanslaw.com> wrote:
Client
operated a business that failed. He had a net operating carryover loss of
$140k in 2008. If uses a portion of the loss to offset his taxes for his 2009
return, I understand he can claim that as exempt under 703. But what about a
portion of the loss that he can still also carryover into his 2010 return? Can
the trustee still claim that as asset and order him to turn over his 2010
refund?
____________________________________
Law
Office of Matthew Gary Evans
Matthew
Gary Evans, Esq.
16
North Marengo Avenue, Room 219
Pasadena,
California 91101
Tel.:
(626) 405-9448
Fax:
(626) 768-7565
Cell:
(213) 842-6645
Email:
matthew@matthewgaryevanslaw.com
www.matthewgaryevanslaw.com
www.matthewgaryevanslaw.net/Bankruptcy
please
visit my blog at matthewevanslaw.wordpress.com
Member:
California State Bar, American Bar Association, Consumer Attorneys Association
of Los Angeles, Central District Consumer Bankruptcy Attorneys Association,
National Association of Consumer Bankruptcy Attorneys, Pasadena Chamber of
Commerce
NOTICE: This message is intended only for the individual named. If you are not
the named addressee please do not disseminate, print, or copy this e-mail.
Please notify the sender immediately by reply e-mail if you have received this
e-mail by mistake and delete this e-mail from your system. Thank you.
The post was migrated from Yahoo.
Now Im officially confused.
They are getting an $11k tax refund on their 2009 return solely on the basis of Hs net carryover loss from his former (now defunct) business.
I disclosed the carryover loss on SOFA in the original petition. The trustee at the first 341 meeting asked the clients (H and W filing jointly) for a letter stating their intent for the carryover loss with regard to their claimed exemptions, and whether or not they will switch exemptions on the basis of the refund.which makes me think the trustee believes they can exempt the refund.
They are currently claiming the 704s because they have a house appraised at $810k with $739k of mortgage debt, for total equity of $71k. After filing, they were served with a NOD postmarked pre-filing. This is a C7 case. W is the sole household wage earner, H refuses to find work, they can negative number). I dont think they will lose the house to the bk trustee under the 704 homestead exemption, but they could lose the house to the foreclosure (theyve told me they cant afford to reinstate the mortgage until H gets a job, which H says he doesnt want to do until the case is discharged).
So at this point, based on the wildcard exemption I was under the impression that they would likely lose their house no matter which exemption system they choose, but at least under the 703 they could keep the $11k refund under the wildcard exemption.
Now it sounds like theres no chance they could keep the $11k refund anyway because they cant claim the carryover loss in years subsequent to filing bk. Based on that, it sounds better for them to stick with the 704s, wait for the trustee to abandon the house, and then try to negotiate something with the bank.
Am I completely wrong? All input appreciated.
Thanks.
____________________________________
Law Office of Matthew Gary Evans
Matthew Gary Evans, Esq.
16 North Marengo Avenue, Room 219
Pasadena, California 91101
Tel.: (626) 405-9448
Fax: (626) 768-7565
Cell: (213) 842-6645
Email: matthew@matthewgaryevanslaw.com
www.matthewgaryevanslaw.com
www.matthewgaryevanslaw.net/Bankruptcy
please visit my blog at matthewevanslaw.wordpress.com
Member: California State Bar, American Bar Association, Consumer Attorneys Association of Los Angeles, Central District Consumer Bankruptcy Attorneys Association, National Association of Consumer Bankruptcy Attorneys, Pasadena Chamber of Commerce
NOTICE: This message is intended only for the individual named. If you are not the named addressee please do not disseminate, print, or copy this e-mail. Please notify the sender immediately by reply e-mail if you have received this e-mail by mistake and delete this e-mail from your system. Thank you.
The post was migrated from Yahoo.
charset-ascii;
formatowed;
delsps
I'm not sure, but I think that depends on how much debt is being
discharged in the case because tax attributes are reduced (in order of
priority) accordingly.
Sent from my iPhone
On Feb 4, 2010, at 4:30 PM, P L wrote:
>
>
> I understand that the tax law recently changed to allow the loss to
> be taken in prior years under some circumstances. The Ch7 T could
> potentially amend the prior years, but the debtor might be able to
> negotiate a settlement of part of the refund based unless the Ch7 T
> assumes the risk of any audit assessment from the amendments. In
> any event, I understand the loss can NOT be taken by the debtor in
> subsequent tax years after the petition date.
>
> Peter M. Lively, JD/MBA
> Law Office of Peter M. Lively * Personal Financial Law Center I
> 11268 Washington Blvd, Suite 203, Culver City, CA 90230-4647
> Telephone: (310)391-2400 * (800)307-3328 * Fax: (310)391-2462
> A-Bankruptcy-Attorney.com
>
>
> Personal Financial Law Center II
> 1706-B Newport Boulevard, Costa Mesa, CA 92627-3073
> Telephone: (949)650-3328
>
>
> THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR
> ENTITY TO WHICH IT IS ADDRESSED, AND MAY CONTAIN INFORMATION THAT IS
> PRIVILEGED, CONFIDENTIAL AND EXEMPT FROM DISCLOSURE UNDER APPLICABLE
> LAW. IF THE READER OF THIS MESSAGE IS NOT THE INTENDED RECIPIENT, OR
> THE EMPLOYEE OR AGENT RESPONSIBLE FOR DELIVERING THE MESSAGE TO THE
> INTENDED RECIPIENT, YOU ARE HEREBY NOTIFIED THAT ANY DISSEMINATION,
> DISTRIBUTION OR COPYING OF THIS COMMUNICATION IS STRICTLY
> PROHIBITED. IF YOU HAVE RECEIVED THIS COMMUNICATION IN ERROR, PLEASE
> NOTIFY US IMMEDIATELY BY E-MAIL OR BY TELEPHONE. THANK YOU.
>
>
> To: bk@nacba.org; cdcbaa@yahoogroups.com
> Sent: Thu, February 4, 2010 7:12:45 AM
> Subject: [cdcbaa] Net operating loss carryover
>
> Client operated a business that failed. He had a net operating
> carryover loss of $140k in 2008. If uses a portion of the loss to
> offset his taxes for his 2009 return, I understand he can claim that
> as exempt under 703. But what about a portion of the loss that he
> can still also carryover into his 2010 return? Can the trustee still
> claim that as asset and order him to turn over his 2010 refund?
>
>
>
> ____________ _________ _________ ______
>
> Law Office of Matthew Gary Evans
>
> Matthew Gary Evans, Esq.
>
> 16 North Marengo Avenue, Room 219
>
> Pasadena, California 91101
>
> Tel.: (626) 405-9448
>
> Fax: (626) 768-7565
>
> Cell: (213) 842-6645
>
> Email: matthew@matthewgary evanslaw. com
>
> www.matthewgaryevan slaw.com
>
> www.matthewgaryevan slaw.net/ Bankruptcy
>
> please visit my blog at matthewevanslaw. wordpress. com
>
>
>
> Member: California State Bar, American Bar Association, Consumer
> Attorneys Association of Los Angeles, Central District Consumer
> Bankruptcy Attorneys Association, National Association of Consumer
> Bankruptcy Attorneys, Pasadena Chamber of Commerce
>
> NOTICE: This message is intended only for the individual named. If
> you are not the named addressee please do not disseminate, print, or
> copy this e-mail. Please notify the sender immediately by reply e-
> mail if you have received this e-mail by mistake and delete this e-
> mail from your system. Thank you.
>
>
>
>
>
>
>
I'm not sure, but I think that depends on how much debt is being discharged in the case because tax attributes are reduced (in order of priority) accordingly. Sent from my iPhoneOn Feb 4, 2010, at 4:30 PM, P L <petermlively2000@yahoo.com> wrote:
I understand that the tax law recently changed to allow the loss to be taken in prior years under some circumstances. The Ch7 T could potentially amend the prior years, but the debtor might be able to negotiate a settlement of part of the refund based unless the Ch7 T assumes the risk of any audit assessment from the amendments. In any event, I understand the loss can NOT be taken by the debtor in subsequent tax years after the petition date. Peter M. Lively, JD/MBALaw Office of Peter M. Lively * Personal Financial Law Center I11268 Washington Blvd, Suite 203, Culver City, CA 90230-4647Telephone: (310)391-2400 * (800)307-3328 * Fax: (310)391-2462 A-Bankruptcy-Attorney.com
Personal Financial Law Center II1706-B Newport Boulevard, Costa Mesa, CA 92627-3073Telephone: (949)650-3328
THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY TO WHICH IT IS ADDRESSED, AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED, CONFIDENTIAL AND EXEMPT FROM DISCLOSURE UNDER APPLICABLE LAW. IF THE READER OF THIS MESSAGE IS NOT THE INTENDED RECIPIENT, OR THE EMPLOYEE OR AGENT RESPONSIBLE FOR DELIVERING THE MESSAGE TO THE INTENDED RECIPIENT, YOU ARE HEREBY NOTIFIED THAT ANY DISSEMINATION, DISTRIBUTION OR COPYING OF THIS COMMUNICATION IS STRICTLY PROHIBITED. IF YOU HAVE RECEIVED THIS COMMUNICATION IN ERROR, PLEASE NOTIFY US IMMEDIATELY BY E-MAIL OR BY TELEPHONE. THANK YOU.
From: Matthew Gary Evans <matthew@matthewgaryevanslaw.com>To: bk@nacba.org; cdcbaa@yahoogroups.comSent: Thu, February 4, 2010 7:12:45 AMSubject: [cdcbaa] Net operating loss carryover
Client operated a business that failed. He had a net operating carryover loss of $140k in 2008. If uses a portion of the loss to offset his taxes for his 2009 return, I understand he can claim that as exempt under 703. But what about a portion of the loss that he can still also carryover into his 2010 return? Can the trustee still claim that as asset and order him to turn over his 2010 refund?
____________ _________ _________ ______
Law Office of Matthew Gary Evans
Matthew Gary Evans, Esq.
16 North Marengo Avenue, Room 219
Pasadena, California 91101
Tel.: (626) 405-9448
Fax: (626) 768-7565
Cell: (213) 842-6645
Email: matthew@matthewgary evanslaw. com
www.matthewgaryevan slaw.com
www.matthewgaryevan slaw.net/ Bankruptcy
please visit my blog at matthewevanslaw. wordpress. com
Member: California State Bar, American Bar Association, Consumer Attorneys Association of Los Angeles, Central District Consumer Bankruptcy Attorneys Association, National Association of Consumer Bankruptcy Attorneys, Pasadena Chamber of CommerceNOTICE: This message is intended only for the individual named. If you are not the named addressee please do not disseminate, print, or copy this e-mail. Please notify the sender immediately by reply e-mail if you have received this e-mail by mistake and delete this e-mail from your system. Thank you.
The post was migrated from Yahoo.
I understand that the tax law recently changedto allow the loss to be taken in prioryears under some circumstances. The Ch7 T could potentially amend the prior years, but the debtor mightbe able to negotiate a settlement of part of the refund basedunless the Ch7 T assumes the risk of any audit assessment from the amendments.In any event,I understand the loss can NOT be taken by the debtor in subsequent taxyears after the petition date.
Law Office of Peter M. Lively * Personal Financial Law Center I
11268 Washington Blvd, Suite 203, Culver City, CA 90230-4647
Telephone: (310)391-2400 * (800)307-3328 * Fax: (310)391-2462
A-Bankruptcy-Attorney.com
Personal Financial Law Center II
1706-B Newport Boulevard, Costa Mesa, CA 92627-3073
Telephone: (949)650-3328
THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY TO WHICH IT IS ADDRESSED, AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED, CONFIDENTIAL AND EXEMPT FROM DISCLOSURE UNDER APPLICABLE LAW. IF THE READER OF THIS MESSAGE IS NOT THE INTENDED RECIPIENT, OR THE EMPLOYEE OR AGENT RESPONSIBLE FOR DELIVERING THE MESSAGE TO THE INTENDED RECIPIENT, YOU ARE HEREBY NOTIFIED THAT ANY DISSEMINATION, DISTRIBUTION OR COPYING OF THIS COMMUNICATION IS STRICTLY PROHIBITED. IF YOU HAVE RECEIVED THIS COMMUNICATION IN ERROR, PLEASE NOTIFY US IMMEDIATELY BY E-MAIL OR BY TELEPHONE. THANK YOU.
________________________________
To: bk@nacba.org; cdcbaa@yahoogroups.com
Sent: Thu, February 4, 2010 7:12:45 AM
Subject: [cdcbaa] Net operating loss carryover
Client operated a business that failed. He had a net operating carryover loss of $140k in 2008. If uses a portion of the loss to offset his taxes for his 2009 return, I understand he can claim that as exempt under 703. But what about a portion of the loss that he can still also carryover into his 2010 return? Can the trustee still claim that as asset and order him to turn over his 2010 refund?
____________ _________ _________ ______
Law Office of Matthew Gary Evans
Matthew Gary Evans, Esq.
16 North Marengo Avenue, Room 219
Pasadena, California 91101
Tel.: (626) 405-9448
Fax: (626) 768-7565
Cell: (213) 842-6645
Email: matthew@matthewgary evanslaw. com
www.matthewgaryevan slaw.com
www.matthewgaryevan slaw.net/ Bankruptcy
please visit my blog at matthewevanslaw. wordpress. com
Member: California State Bar, American Bar Association, Consumer Attorneys Association of Los Angeles, Central District Consumer Bankruptcy Attorneys Association, National Association of Consumer Bankruptcy Attorneys, Pasadena Chamber of Commerce
NOTICE: This message is intended only for the individual named. If you are not the named addressee please do not disseminate, print, or copy this e-mail. Please notify the sender immediately by reply e-mail if you have received this e-mail by mistake and delete this e-mail from your system. Thank you.
I understand that the tax law recently changed to allow the loss to be taken in prior years under some circumstances. The Ch7 T could potentially amend the prior years, but the debtor might be able to negotiate a settlement of part of the refund based unless the Ch7 T assumes the risk of any audit assessment from the amendments. In any event, I understand the loss can NOT be taken by the debtor in subsequent tax years after the petition date. Peter M. Lively, JD/MBALaw Office of Peter M. Lively * Personal Financial Law Center I11268 Washington Blvd, Suite 203, Culver City, CA 90230-4647Telephone: (310)391-2400 * (800)307-3328 * Fax: (310)391-2462 A-Bankruptcy-Attorney.com
Personal Financial Law Center II1706-B Newport Boulevard, Costa Mesa, CA 92627-3073Telephone: (949)650-3328
THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY TO WHICH IT IS ADDRESSED, AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED, CONFIDENTIAL AND EXEMPT FROM DISCLOSURE UNDER APPLICABLE LAW. IF THE READER OF THIS MESSAGE IS NOT THE INTENDED RECIPIENT, OR THE EMPLOYEE OR AGENT RESPONSIBLE FOR DELIVERING THE MESSAGE TO THE INTENDED RECIPIENT, YOU ARE HEREBY NOTIFIED THAT ANY DISSEMINATION, DISTRIBUTION OR COPYING OF THIS COMMUNICATION IS STRICTLY PROHIBITED. IF YOU HAVE RECEIVED THIS COMMUNICATION IN ERROR, PLEASE NOTIFY US IMMEDIATELY BY E-MAIL OR BY TELEPHONE. THANK YOU.
From: Matthew Gary Evans <matthew@matthewgaryevanslaw.com>To: bk@nacba.org; cdcbaa@yahoogroups.comSent: Thu, February 4, 2010 7:12:45 AMSubject: [cdcbaa] Net operating loss carryover
Client operated a business that failed. He had a net operating carryover loss of $140k in 2008. If uses a portion of the loss to offset his taxes for his 2009 return, I understand he can claim that as exempt under 703. But what about a portion of the loss that he can still also carryover into his 2010 return? Can the trustee still claim that as asset and order him to turn over his 2010 refund?
____________ _________ _________ ______
Law Office of Matthew Gary Evans
Matthew Gary Evans, Esq.
16 North Marengo Avenue, Room 219
Pasadena, California 91101
Tel.: (626) 405-9448
Fax: (626) 768-7565
Cell: (213) 842-6645
Email:
The post was migrated from Yahoo.
charset="US-ASCII"
Client operated a business that failed. He had a net operating carryover
loss of $140k in 2008. If uses a portion of the loss to offset his taxes
for his 2009 return, I understand he can claim that as exempt under 703.
But what about a portion of the loss that he can still also carryover into
his 2010 return? Can the trustee still claim that as asset and order him to
turn over his 2010 refund?
____________________________________
Law Office of Matthew Gary Evans
Matthew Gary Evans, Esq.
16 North Marengo Avenue, Room 219
Pasadena, California 91101
Tel.: (626) 405-9448
Fax: (626) 768-7565
Cell: (213) 842-6645
Email: matthew@matthewgaryevanslaw.com
www.matthewgaryevanslaw.com
www.matthewgaryevanslaw.net/Bankruptcy
please visit my blog at matthewevanslaw.wordpress.com
Member: California State Bar, American Bar Association, Consumer Attorneys
Association of Los Angeles, Central District Consumer Bankruptcy Attorneys
Association, National Association of Consumer Bankruptcy Attorneys, Pasadena
Chamber of Commerce
NOTICE: This message is intended only for the individual named. If you are
not the named addressee please do not disseminate, print, or copy this
e-mail. Please notify the sender immediately by reply e-mail if you have
received this e-mail by mistake and delete this e-mail from your system.
Thank you.
charset="US-ASCII"
Client
operated a business that failed. He had a net operating carryover loss of
$140k in 2008. If uses a portion of the loss to offset his taxes for his 2009
return, I understand he can claim that as exempt under 703. But what about a
portion of the loss that he can still also carryover into his 2010 return? Can
the trustee still claim that as asset and order him to turn over his 2010
refund?
The post was migrated from Yahoo.