Typically, when debt is cancelled by a creditor, it results in ordinary income to the debtor. For instance, if you owe someone $50,000 and they simply forgive that debt, then you’ll be responsible for income of $50,000 for the year that the forgiveness took place. There are other tax...
Financing is paramount for the promotion of commerce. It has been noted that “in developed countries the bulk of corporate wealth is locked up in receivables”. As the economy develops, this wealth increasing is “unlocked by transferring receivables across national borders”. With the prompt and...
Four months of waiting for the Statute of Limitations to expire, and $100 or more to publish theProbate Notice to Creditors. The primary benefit that it provides is it reduces the time that the great majority of creditors have to make their claim: ...
(d) Neither the Company nor any of its Subsidiaries has waived any statute of limitations in respect of Taxes or agreed to, or requested, any extension of time with respect to a Tax assessment or deficiency. (e) The unpaid Taxes of the Company and its Subsidiaries did not, as of ...