Cincinnati Tax Guy

Steve Hamilton is a Tampa native and a graduate of the University of South Florida and the University of Missouri. He now lives in northern Kentucky. A career CPA, Steve has extensive experience involving all aspects of tax practice, including sophisticated income tax planning and handling of tax controversy matters for closely-held businesses and high-income individuals.

Showing posts with label cancellation. Show all posts
Showing posts with label cancellation. Show all posts
Monday, July 17, 2023

Income And Cancellation of Bank Debt

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  There is a basic presumption in the tax Code that any accession to “wealth” is income. It isn’t much of a leap for the tax Code to then sa...
Sunday, July 1, 2018

TurboTax and Penalties

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I am looking at a case that deals with recourse and nonrecourse debt. Normally I expect to find a partnership with multiple pages of r...
Friday, August 5, 2016

Can You Have Cancellation Of Debt Income If You Are Still Paying On The Debt?

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Harold is a native Hawaiian. He has worked in the telecommunications industry for more than 40 years. In 1996 he founded Summit Communicati...
Sunday, July 17, 2016

Credit Card Debt And Yankee Doodle Dandy

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There is a tax doctrine known as the Cohan rule. It is named after the American composer and playwright George M. Cohan, the subject of the...
Tuesday, August 7, 2012

What Does Insolvency Mean To The IRS?

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Shepherd v Commissioner i s a pro se case before the Tax Court. “Pro se” means that the taxpayer is representing himself/herself, without a...
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