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Sunday, 07 March 2010 |
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The checks for the QSF Wave 1 Distribution are in-process and will be in the mail no later than Tuesday March 9th. If you have any questions regarding the distribution, please contact Mike Schwartz at 941-746-6119. |
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Friday, 05 March 2010 |
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Today the IRS has proposed new regulations regarding tax deferred exchanges not completed because of failures of the Qualified Intermediary.
I urge you to discuss this with your personal tax advisors before filing your 2009 tax returns.
Thanks,
Jerry McHale,Jr.
Jerry McHale
IRS Provides Safe Harbor for Certain Like-Kind Exchanges Involving QI Defaults
Posted March 5, 2010, 11:45 A.M. ET
The Internal Revenue Service March 5 issued Revenue Procedure 2010-14, which provides a safe harbor method of reporting gain or loss for certain taxpayers who initiate deferred like-kind exchanges under tax code Section 1031 but fail to complete the exchange because a qualified intermediary defaults on its obligation to acquire and transfer replacement property to the taxpayer.
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Tuesday, 15 December 2009 |
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Dear Victims, Creditors, and Interested Parties: After 2 ½ years we are finally in a position to make our first distribution. Shortly you will be receiving a distribution check in the amount of 36% of your allowed claim. Although we had initially anticipated 34%, we have been able to achieve a slightly higher distribution. I expect to make the distribution on December 22. Please note: This will not be the last distribution and represents only the distribution from the bankruptcy estate. |
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