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 considerations that offset this impact potentially, but the general rule applies. However, there...
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 ...
In the US debt incurrence flexibility is accepted in part because if all debtors are American, there is generally no concern about being able to deal with unsecured creditors or junior secured creditors in a bankruptcy or restructuring process as it is regulated by statute. This is different in...
However, the statute of limitations and the prospect that Trump pardons himself stand in the way of potential re-prosecution. Read more … I don’t think his case against Trump was so easy even at the start. • How Jack Smith Destroyed His Own Case Against Trump (Turley) The ...