Tuesday, July 27, 2004
New Alabama Fraudulent Transfer Case:
Synopsis:
Judgment plaintiff appeals from a summary judgment entered in favor of Antoinette A. Raine and all named corporate defendants in an action brought against them alleging the fraudulent transfer of real and personal property. After several attempts of trying to enforce a judgment, previously obtained from Debtor and his corporation, appellant seeks to enforce judgment against Debtor's wife. Appellant claims that Raine received assets after her husband's corporation was disolved. The court found that appellant did not have enough evidence to affirm his claim of the fraudulent transfer.
http://www.assetprotectionbook.com/forum/viewtopic.php?t=1173
posted by Alex
@ 7/27/2004 09:49:00 PM
Tuesday, July 20, 2004
posted by Alex
@ 7/20/2004 02:32:00 PM
posted by Alex
@ 7/20/2004 12:41:00 PM
TREASURY AND IRS ADDRESS EXCHANGES OF INTERESTS IN DELAWARE STATUATORY TRUST:
http://www.assetprotectionbook.com/forum/viewtopic.php?t=1101
posted by Alex
@ 7/20/2004 12:21:00 PM
Recent IRS Technical Guidance
Revenue Procedure 2002-42 provides a procedure for payment card
organizations to request a determination as a Qualified Payment Card
Agent.
See:
http://www.irs.gov/pub/irs-drop/rp-04-42.pdf
Revenue Procedure 2004-43 provides an optional procedure that payors may
use in determining whether payment card transactions are reportable under
section 6041 or section 6041A of the Internal Revenue Code.
See:
http://www.irs.gov/pub/irs-drop/rp-04-43.pdf
Revenue Ruling 2004-75, deals with the tax treatment of income received by
nonresident aliens (or Puerto Rican residents) under contracts issued by a
foreign (or Puerto Rican) branch of a U.S. life insurance company.
See:
http://www.irs.gov/pub/irs-drop/rr-04-75.pdf
Revenue Ruling 2004-76 deals with the treatment of a dual resident company
under U.S. tax treaties.
See:
http://www.irs.gov/pub/irs-drop/rr-04-76.pdf
Revenue Ruling 2004-78 addresses the tax consequences of the issuance of a
debt instrument in a reorganization by the acquiring corporation in
exchange for a debt security of the target corporation having the same
maturity date.
See:
http://www.irs.gov/pub/irs-drop/rr-04-78.pdf
Revenue Ruling 2004-79 addresses the tax consequences of the distribution
by a subsidiary corporation to its parent corporation of parent
indebtedness that the subsidiary previously purchased from a party
unrelated to the parent corporation.
See:
http://www.irs.gov/pub/irs-drop/rr-04-79.pdf
TREASURY ISSUES GUIDANCE ON THE APPLICATION OF GOLDEN PARACHUTE RULES IN BANKRUPTCY:
http://www.assetprotectionbook.com/forum/viewtopic.php?p=1906#1906
XELAN FILES FOR BANKRUPTCY AS A RESULT OF TAX SHELTER INVESTIGATION AND ATTEMPTS TO SELL ASSETS
See
http://www.signonsandiego.com/news/business/20040715-9999-1b15xelan.html
and
http://www.quatloos.com/xelan-tax-shelter-investigation.htm
Commentary: xelan of San Diego has been around for years, and has a reputation for pitching aggressive tax and asset protection schemes to physicians. As part of its myriad services, xelan pitched a disability trust as an income tax savings tool, which eventually grew (according to IRS allegations) to over $400 million in assets. However, the IRS has challenged the arrangement, an although the IRS has not won against xelan, the mere fact of the investigation has caused some physician members to seriously wonder whether they really want their names on xelan's client list.
What is difficult to figure out is exactly WHY xelan has filed for bankruptcy, which is usually reserved for companies that are illiquid. Hopefully, additional facts will come out in the coming days to answer this question.
TREASURY AND IRS ISSUE GUIDANCE ON SOURCE OF INCOME FROM LIFE INSURANCE AND ANNUITIES:
http://www.assetprotectionbook.com/forum/viewtopic.php?t=1006&highlight=
TREASURY AND IRS ISSUE REVISED TAX FORM FOR CORPORATE TAX RETURNS:
http://www.assetprotectionbook.com/forum/viewtopic.php?t=959
