2014)], the CFO of a bankrupt airline claimed that the airline's funds were encumbered
by bankruptcy law.
Peracchi may also present a planning opportunity for persons transferring low-basis, encumbered
property to a corporation in exchange for stock.
We also live in a country and an era in which a plurality of conceptions of the good life among persons is a fundamental fact - one with which liberal conceptions of justice and rights have had far more success in dealing than have republican conceptions of encumbered
1031 and 752, when an exchange straddles two years, partners could realize income in the year the partnership relinquishes property subject to debt, even though, in the following year, the entity timely receives replacement property encumbered
by debt equal to or greater than the relinquished property's debt.
A gift of encumbered
property is valued as the excess of the property's fair market value (FMV) at the time of the gift over any debt to which the property is subject.
The terminals and real property contributed to the trust were neither encumbered
nor subject to any mortgage at the time of transfer and were not leased back to Keystone or any affiliate of Keystone.
The court found that their claimed ownership of the encumbered
property was irrelevant under the economic-outlay theory.
It will provide the commissioner much needed discretion in the employment of a highly qualified and diverse staff and also provide a speedier hiring and firing process that are not encumbered
by lengthy due process procedures," he said.
Consequently, unless a statutory exclusion applies, discharge of indebtedness income is recognized on the cancellation, reduction or forgiveness of debt and/or the transfer of encumbered
property (see, e.
The residential units were previously sold, but the office and retail units remained substantially vacant, largely as a result of the fact that they were encumbered
by nearly $30 million in defaulted debt.