Why are Panel Trustees necessary for the Bankruptcy System? Chapter 7 bankruptcy is a liquidation legal proceeding.
The debtor is required to attend a Section 341 hearing which is commonly called the first meeting of the creditors. Creditors of the debtor are allowed the opportunity to ask questions of the debtor regarding the statements and schedules filed by the debtor with the Court.
When a US person owns shares in a PFIC, the US person is subject to extremely punitive tax and reporting rules.They are designed to discourage US persons from investing through foreign investment vehicles....continue reading August 4, 2017 This discussion is inspired by an email I received from A. Let’s ignore the obvious situation–when they earn income in the United States. income tax return (Form 1040NR) This post describes why the loss from the sale is most likely a capital loss. Noncitizens of the United States who are residents of the United States (for income tax purposes, not necessarily for immigration law purposes) must pay U. income tax on all of their income, earned anywhere in the world.When a company has more liabilities than assets, equity is negative and no liquidating distribution is made at all.This is usually the case in bankruptcy liquidations.