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The court further held that the proper approach to the case was to view it as disputed debt or "contested liability." [11] Under the contested liability doctrine, if a taxpayer, in good faith, disputed the amount of debt, a subsequent settlement would be treated as the amount of debt cognizable for tax purposes. [1] "The excess of the original ...
The Sanders-Khanna plan—which thankfully has no chance of becoming law anytime soon—would “cancel” something on the order of $250 billion in medical bill debt owed mostly to Americans by ...
Therefore, a cancellation of a $20,000 debt will not need to be reported as gross income. However, if a debt of $60,000 was cancelled, the taxpayer will have $10,000 in gross income because their total liabilities no longer exceed their total assets (cancelling $60,000 in debt means the taxpayer now has only $40,000 in liabilities).
Laws applied Fair Debt Collection Practices Act Santander Consumer USA Inc. , 582 U.S. ___ (2017), is a decision by the Supreme Court of the United States which held that a company is not a "debt collector" under the Fair Debt Collection Practices Act (FDCPA) if it purchased that debt and then attempts to collect from the debtor.
Specifically, the plan would cancel up to $20,000 in student debt for borrowers whose balances have grown because of unpaid interest and provide relief for borrowers who first entered repayment at ...
Take this 33-year-old California man, for example. His dire situation, in which he owes about $170,000 in tax debt, was the subject of a Reddit post titled “Large tax and credit card debt. Debt ...
If a debt collector contacts you about an old debt, your state’s statute of limitations protects you from being sued. However, don’t assume this protection prevents you from having to pay ...
Pages in category "California state case law" The following 62 pages are in this category, out of 62 total. This list may not reflect recent changes. A.