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Home > Personal Income Tax Planning > Debt Relief, Recourse Mortgages and Tax Research - Ed Zollars
Podcast: Personal Income Tax Planning
Episode:

Debt Relief, Recourse Mortgages and Tax Research - Ed Zollars
Category: Business
Duration: 00:00:00
Publish Date: 2008-01-06 20:24:05
Description: This PodCast examines a case that illustrates the application of Section 108 in a situation with recourse debt.  While this case would likely have been covered by the relief in the Mortgage Foregiveness Debt Relief Act of 2007 if the property had been taken in 2007, it's still useful to review since many foreclosures won't qualify for the newly passed relief, but may still meet the insolvency test that worked for the taxpayers in this case.

The case is Keith v. Commissioner, TC Summary 2007-214 where the IRS's position did not garner much respect from the Tax Court.  We'll also look at what tax research gotchas may have caused the IRS to raise the positions that Tax Court so rapidly dismissed as just wrong and how to avoid those problems in your own practice.

The materials are located at http://www.edzollars.com/2008-01-08_Debt_Forgiveness.pdf


This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com

Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com

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