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Foreclosure Internal Revenue Service

Foreclosure is a legal process whereby a lender seeks to force the sale of a mortgaged property in order to recover the balance of a delinquent loan. Recently, the foreclosure process has been the subject of... more +
Foreclosure is a legal process whereby a lender seeks to force the sale of a mortgaged property in order to recover the balance of a delinquent loan. Recently, the foreclosure process has been the subject of greater legislative and judicial scrutiny after systemic abuses were uncovered during the widespread foreclosure crisis resulting from the Great Recession. less -
McGlinchey Stafford

Litigation Byte (June Edition)

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The Litigation Byte is the new name and format for McGlinchey’s Commercial Law Bulletin. Our new format reflects McGlinchey’s national coverage and our expanded footprint while still serving up the digestible, insightful...more

Dechert LLP

IRS Private Letter Ruling Concludes REMIC Can Hold C-PACE Assessments

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Dechert LLP recently obtained an IRS private letter ruling (“PLR”) on behalf of an asset manager concluding that certain C-PACE assessments are “obligations . . . secured by an interest in real property” for purposes of the...more

Husch Blackwell LLP

Clean Energy Tax Credit Transfers Inch Toward Reality

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Among the benefits afforded the renewable energy sector by the Inflation Reduction Act of 2022, the ability to monetize 11 new or expanded clean energy tax credits via direct transfer was especially interesting to developers...more

Freeman Law

Tax Court in Brief | Howland v. Commissioner | Mortgage Interest Deduction in Foreclosure Sale and Accuracy-Related Penalty

Freeman Law on

Tax Litigation: The Week of June 13th, 2022, through June 17th, 2022 Phillips v. Comm’r, T.C. Memo. 2022-58 | June 13, 2022 | Lauber, J. | Dkt. No. 18553-21L Chavis v. Comm’r, 158 T.C. No. 8 | June 15, 2022 | Lauber, J. |...more

Fox Rothschild LLP

A Mortgage Foreclosure Primer

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We have recently had inquiries about foreclosures. Given the current economic climate, this is probably going to become more common. The good news is that home prices are up, particularly in the Philadelphia suburbs. But for...more

White and Williams LLP

CDC Issues Moratorium on Residential Evictions Through 2020

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On September 1, 2020, the Centers for Disease Control and Prevention (CDC) announced that it was issuing an order (CDC Order) to temporarily halt residential evictions to prevent the further spread of COVID-19. The CDC Order...more

White and Williams LLP

Debt Forbearance/Settlement Agreements: One of the Most Important and Often Overlooked Clauses

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The economic impact of the global COVID-19 pandemic will likely result in a considerable number of borrower defaults, workouts and debt restructurings. An often overlooked but significant consequence of debt modifications or...more

Kelley Drye & Warren LLP

Real Estate Industry Alerts Tracker - April 2020 Issue #4

$484 Billion Interim Emergency Funding Bill - Congress and the Trump Administration have announced a deal on the $484 billion “interim emergency” relief package (the Paycheck Protection Program and Health Care Enhancement...more

Cadwalader, Wickersham & Taft LLP

COVID-19 Update: IRS Issues Securitization Guidance on Coronavirus-Related Forbearances

On April 13, 2020, the Internal Revenue Service issued a helpful revenue procedure that permits loans that are subject to certain forbearances and related modifications as a result of the COVID-19 pandemic to be contributed...more

Cadwalader, Wickersham & Taft LLP

COVID-19 Update: Coronavirus-Related REMIC Considerations

I. Introduction - The COVID-19 pandemic has created significant headwinds for mortgage loans.  Loan forbearances and workouts raise tax complexities for real estate mortgage investment conduits (REMICs), which are the most...more

Sherman & Howard L.L.C.

IRS Issues a Memorandum on Substantiation Guidelines for Safe-Harbor Hardship Withdrawals from 401(k) Plans

On February 23, 2017, the Internal Revenue Service (“IRS”) issued a Memorandum to IRS agents. The Memorandum identified the steps agents should take, in examining a 401(k) plan, to confirm that a hardship withdrawal is...more

Goodwin

First Circuit: Sending Form 1099-A Post-Chapter 7 Discharge Does Not Violate the Discharge Injunction

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On December 14, 2016, the United States Court of Appeals for the First Circuit affirmed the New Hampshire Bankruptcy Court and District Courts’ findings that a mortgage lender sending Internal Revenue Service Form 1099-A to a...more

Goulston & Storrs PC

IRS Ruling Addresses LLC Eligibility for Cancellation of Debt Exception

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In new CCA 201525010, the IRS addressed the issue of whether a general “exculpatory” debt of an LLC is recourse or non-recourse for purposes of classifying debt-relief as potential cancellation of debt (COD) income. Recourse...more

Carlton Fields

Real Property, Financial Services & Title Insurance Update: Weeks Ending November 14 & 21, 2014

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REAL PROPERTY UPDATE - - Harris Act/Inverse Condemnation: dismissal was (1) improper as to landowners’ Harris Act claim because amendments to County’s land use plan were applied specifically to landowners’ property by...more

Shumaker, Loop & Kendrick, LLP

Banks Not Required to Capitalize OREO Costs

The Office of the Chief Counsel of the Internal Revenue Service has issued a Legal Memorandum (Number AM2013-001, dated March 1, 2013) (the “Memorandum”), which has important implications and represents a victory for lenders...more

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