Treatment of Tax Rebate Checks
Posted: Thu Feb 14, 2008 6:05 pm
I have been listing the rebate and amount as an asset on schedule "B" and
exempting it on schedule "C" on all the cases that I am currently filing. I
do the same thing with income tax refunds for 2007 taxes. It may be
cautious, but I see it possibly as a issue if we do not list and protect it.
I use $600 for single tax payers and $1,200 for married.
Henry M. Toles, J.D., M.B.A.
Henry M. Toles, A Law Corporation
11746 Goshen Avenue, No. 1
Los Angeles, California 90049-6113
Telephone: (310) 479-1400
Facsimile: (310) 575-0343
E-Mail: hmt@toles.org
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frank1014
Sent: Thursday, February 14, 2008 16:48
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] Treatment of Tax Rebate Checks
If this has been covered, I apologize but I have not seen anything
about how the tax rebate checks will be treated. I am thinking of the
Debtor who files his Petition in the next few weeks. If he gets a
refund check for year 2007, the Trustee would normally want the
refund. But from what I have read, the rebate checks are neither
refunds of 2007 or 2008 taxes. Does the USTC have a policy? If the
Debtor gets a rebate check in May or so, will the Chapter 7 trustee
take that... I do not understand it to be a pre-petition asset.
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