Archive | October, 2013

81st District Court

October 23, 2013  |   Posted by :   |   Criminal Sentencings, Selected Michigan Courts   |   0 Comments

Actions for Oscoda County: 55 year old female from Mio, Michigan for operating while intoxicated and allowing a suspended person to operate:  300 days in jail, credit for one day served, 299 days to be served, $2,785 FC, 24 months probation. 55 year old female from Mio, Michigan for allowing a suspended person to operate:  […]

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Taxation of Cancellation of Indebtedness for Mortgages

October 13, 2013  |   Posted by :   |   Bankruptcy   |   0 Comments

Under the Internal Revenue Code Section 61(a)(12), cancellation of indebtedness (known as “COD”)  is considered taxable gross income.   People with distressed mortgages may be issued a 1099 by their mortgage company in several situations. (If you get the 1099, then the IRS presumes that it is income that must be reported on your tax […]

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