Message
Yes it is dischargeable (well, most of it). However, I found another recent case that states that the IRS lien against ERISA qualified pension plans does NOT qualify it as a secured creditor by virtue of the pension plan, because the pension plan is not property of the estate. IRS vs. Snyder, 343 F.3d 1171 (9th Cir. 2003). Query, however, whether that also means that post-discharge the IRS lien does not re-attach to that pension plan!?
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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)
e-mail:
bklawr@bklaw.com
web:
http://www.bklaw.com/
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----- Original Message -----
To:
cdcbaa@yahoogroups.com
Sent: Thursday, August 05, 2004 11:30 AM
Subject: RE: [cdcbaa] 109(e) calculations....never mind
Technically: Present value the anticipated stream of payments using a discount rate determined by an economist.
Practically: Seat of the pants in negotiations with the IRS
Is the tax debt dischargeable?
David A. Tilem
Certified Bankruptcy Specialist*
Law Offices of David A. Tilem
500 N. Brand Blvd., #460, Glendale, CA 91203
Tel: 818-507-6000 Fax: 818-507-6800
* Personal & small business bankruptcy specialist cert. by State Bar of CA Bd of Legal Specialization.
Business bankruptcy specialist cert. by Amer. Bd. of Certification
-----Original Message-----
Sent: Thursday, August 05, 2004 10:22 AM
To:
cdcbaa@yahoogroups.com
Cc: David Hagen
Subject: [cdcbaa] 109(e) calculations....never mind
I just found the more recent case that my mind TOLD me I had seen before that overrulled the Edmonston case...it's In re Soderlund, 236 BR 271 (9th Cir. BAP 1999) which expressly provides that the undersecured portion of a claim IS included in the unsecured debt limit calculations.
My remaining question is: How does one calculate or use the ERISA qualified pension asset when figuring all this out? Presumably the IRS is secured by that asset, but what is its value?
***********************************************
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)
e-mail:
bklawr@bklaw.com
web:
http://www.bklaw.com/
************************************************
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Message
Yes it is dischargeable (well, most of it).
However, I found another recent case that states that the IRS lien
against ERISA qualified pension plans does NOT qualify it as a securedcreditor by virtue of the pension plan, because the pension plan is not property
of the estate. IRS vs. Snyder, 343 F.3d 1171 (9th Cir. 2003).
Query, however, whether that also means that post-discharge the IRS lien does
not re-attach to that pension plan!?
***********************************************Mark J. MarkusLaw
Office of Mark J. Markus11684 Ventura Blvd. PMB #403Studio City, CA91604-2652(818)509-1173(818)509-1460 (fax)e-mail:
bklawr@bklaw.comweb:
The post was migrated from Yahoo.