1
vote
2answers
57 views
Casualty Loss and bankrupt contractor
I have a client who suffered hail damage to their roof in June 2009. They hired a reputable contractor, signed a contract, and put down a deposit of $3000 for half the price of th …
2
votes
2answers
301 views
Partnership - Forgiveness of debt
I have a partnership (LLC) client who had equipment taken back by the bank and sold at auction.
Unfortunately, the proceeds from the sale didn't cover the loan amounts so I have t …
2
votes
1answer
110 views
S-Corp Bankruptcy
S-Corp liquiation.
Please give me your thoughts on how to handle the s-corp inventory.
One of the two shareholders filed for bankruptcy. I am closing out the scorp. The only real …
1
vote
1answer
22 views
Judgement for future rent
My client went out of business and closed their shop at a local shopping center.
The landlord sued for breach of contract and unpaid future rent.
The Landlord was awarded five ye …
1
vote
4answers
49 views
Selling forclosed business back to owner after he declares bankruptcy
I have a client who sold his business (building, property, equipment, etc) on an installment basis to an S corp in 2006.
The sole stockholder of that S corp is now filing personal …
1
vote
2answers
29 views
Bankrupt: Two LLCs and one personal. What forms need to be completed?
Taxpayer had two (partnership) LLCs. One of the LLCs was a drycleaning business and one of the LLCs was a (non-residential) real estate rental business.
Both LLCs and the individ …
