The board maintained that the condominium statute entitles it to recover the common charges due it from the proceeds
of the foreclosure sale and that if there was any deficiency from the sale, then the grantee of the unit would have to pay those past due common charges.
If the final transfer is to the insured, to a partner of the insured, to a partnership in which the insured is a partner, or to a corporation in which the insured is a shareholder or officer, the entire proceeds
will be tax free (Regs.
On the basis of the district court's decision, taxpayers could manipulate the purpose of obtaining loan proceeds
and circumvent the proper tax treatment.
If life insurance proceeds
remaining unpaid at the primary beneficiary's death are payable to her estate, are they includable in her gross estate?
Personal injury claims where the proceeds
are excluded from gross income under IRC section 104(a)(2).
This enabled the Borrower to receive $20 million of loan proceeds
in excess of the proceeds
of the construction loan.
Respondent also received two cashier's checks from the proceeds
of the loan, totaling $14,892, which he converted to his personal use, applying the bulk of the proceeds
toward the closing costs on his personal residence.
104(a), settlement proceeds
received on account of physical personal injury or sickness are excludible from income.
Criminals must obscure or hide the source of their wealth or alternatively disguise ownership or control to ensure that illicit proceeds
are not used to prosecute them.
Thus, the distributed "qualified business" (or the proceeds
thereof) must have been (or must be considered to have been) operated directly by the distributing corporation.
For any used vehicle with a claimed value of more than $500 donated after January 1, 2005, the provision limits a donor's deduction to the actual gross proceeds
from the car's sale by the charity.
These providers are not the traditional first mortgage providers, but are "mezzanine loan providers" who bridge the gap between what a traditional first mortgage provider is willing to lend and the proceeds
the owner needs in order to complete their financing.
C proposes to (1) accept receipt of the proceeds
of A's IRA as the surviving trustee of D; (2) allocate them to subtrust E; (3) withdraw the proceeds
from E; and (4) roll over the funds into his IRA, all within 60 days of the original receipt of the proceeds
from A's IRA.
Section 981 (a)( 1 )(B) authorizes the United States to seize and forfeit assets within its borders that represent the proceeds
of drug-related felonies committed abroad even where there has not been a violation of domestic law.