Publication 946 (2016), How To Depreciate Property “Placed into Service”
Any other horse (other than a race horse) over 12 years old when placed in service. ….. Any deduction under section 179B of the Internal Revenue Code for capital costs …. you place property in service and in the year you dispose of the property. … Use this convention if neither the mid-quarter convention nor the mid-month …
“Gain or Loss” -Sales and exchanges, Abandonment, repossessions, Involuntary, conversions, Nontaxable exchanges, Transfers to spouse, Rollovers and exclusions for certain capital gains.
Get up to speed or lose it .
Its a great system we spent 5 years developing that among other things can evidence the taxable income and amount of withholding owed the state.
Question: Sounds too easy ..great pay the state tax and federal taxes and then foreclose ?
NOT TRUE MY LEVEL HEADED PROFFER OF LOGIC.
IF FEDERAL AND STATE TAXES ARE OWED FOR FIVE TIMES THE MORTGAGE AND SHOWN POST FORECLOSURE ON A TAX FORM 1099 A –NOW SHOW ME THE MONEY .
If nothing funded and home is to be sold free and clear under section I.R.C. Sec 1.751 constructive liquidation. . . now show us the earnings paid and withholding …it was not abandoned ![see section 61 (a) (1) and 108 (i) accelerated recovery .
Its unprecedented in the history of Banking that people can now rely on social media to publish their mortgage statements and generate opinion. Below is a summary analysis posted by a Facebook borrower in a case pending the court decision.
From a Facebook posting the auditors saw the limited detail for the loan and of course the court docket number.
As an auditor I am not an advocate and in fact go where ever the assignment takes us – to either side of the desk . Auditing and banking are inseparable under federal securities laws that require publicly held companies that file reports with the SEC to submit financial statements that are accurate, truthful, and complete and prepared according to a set of accounting standards called “Generally Accepted Accounting Principles” (or “GAAP”). Many of these financial statements – must be examined and reported on by an independent auditor.
Its the facts we rely on and supply the CPA and Tax attorneys that speak for themselves and then its up to the court system to decide a matter of wrongful foreclosure.
Below is an interesting case that appears to run the norm as of late . No file no statements other than on on screen computer page from the lender provided the borrower in default . But herein it is the courts docket number that yielded us the entire summary analysis you see below .
It needless to say the question of ethics arise here for state claims or other government actor . Nor is it unlawful if the state is involved in a recovery for an agency such as the IRS . But it does help to be informed.
SO “LOL” as they in social media . . . you be the judge !
SPS STATEMENT: Showing the tie out to pleaded arguments in a Judicial Foreclosure
In the analysis below the court can see the numbers used in SPS Statements do in fact tie out to the numbers shown in pleaded arguments filed by lawyers as substituted Trustees. From the analysts view and as to what the auditor will cite in testimony – The value of the property purchased in 2005 is equal to the amount to be paid off in foreclosure equal to the (1) Land recording and (2) Condominium parcel recording and cumulative amount alleged owed to J P Morgan Chase subsequent to Chase having sold the loan.
Therefore is the foreclosure reconstituting at closing as second round or paying off every the original investors for the amount carried back?
When you see the foreclosing agent identifying Mortgage Trust Certificate Holders for ABC Mortgage Pass Through Trust Series “00” … Attorneys are liquidating “CORPUS” or Trust stock under CFR 751 for constructive liquidation .
AUDITING THE HUD I SETTLEMENT STATEMENTS AND TAX PAYER FORM 1099
All property sold for ZERO under § 1.751-1 and this is an important devise used for booking a foreclosure as a disposition for all unrealized receivables and inventory items all under the (a) Sale or exchange of interest in a partnership –
(1)Character of amount realized.
Was money or property received by a partner in exchange for all or part of his partnership interest Yes / No
Is the value attributable to your share of the value of partnership unrealized receivables or substantially appreciated inventory items. Yes / No
Is the money or fair market value of the property received Considered as an amount realized from the sale or exchange of property other than a capital asset. Yes / No
If all above are yes then the remainder of the total amount realized on the sale or exchange of the partnership interest is realized from the sale or exchange of a capital asset under section 741.
For definition of “unrealized receivables” and “inventory items which have appreciated substantially in value”, see section 751 (c) and (d). Unrealized receivables and substantially appreciated inventory items are hereafter in this section referred to as “section 751 property”. See paragraph (e) of this section.
Our service is to audit the subject case 1) HUD I statement and tie it out to 2) a judicial foreclosure pleading and 3) servicing statements.
Our objective is simple and we now where to look to find it . We are auditing in search of the “Unrealized receivables and substantially appreciated inventory items” hereafter in this section referred to as “section 751 property”. See paragraph (e) of this section.