Taxpayers not allowed Ponzi loss safe harbor
The Tax Court holds that the taxpayers had not complied with the conditions of Rev. Proc. 2009-20.
By Charles J. Reichert, CPA Related
The Tax Court held that taxpayers who were victims of an embezzlement scheme could not use the safe-harbor provision of Rev. Proc. 2009-20 to deduct their theft losses because the taxpayers failed to comply with its requirements. According to the court, the revenue procedure allows the safe harbor only for the tax year a theft is discovered, which occurred before the taxpayers years at issue.
Facts: In 1999, Michael Giambrone and his brother William founded the Platinum Community Bank in Illinois, which was owned by a holding company, Platinum Bancshares Inc., in which they held a 52.2% ownership interest. The bank struggled financially, so in 2007, stock in the holding company was sold to Taylor Bean & Whitaker Mortgage Co. (TBW) to raise capital. By early 2009, TBW owned an 82.6% interest in th
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Stearns Lending Selects CoreLogic to Accelerate Borrower Income Calculation and Analysis
Stearns Lending Selects CoreLogic to Accelerate Borrower Income Calculation and Analysis CoreLogic (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today announced that Stearns Lending, LLC, a leading independent mortgage bank, has successfully integrated CoreLogics income calculation and analysis solution. Stearns adopted the innovative solution to specifically help their teams of underwriters and loan officers automate, streamline and standardize existing mortgage origination workflows at scale ultimately accelerating their processes, improving the customer experience and reducing their cost per loan. The direct integration of CoreLogics digital mortgage solution into our LOS will create efficiencies for our underwriters and will support a consistent calculation of more complex incomes that will lower our overall risk with investors, sa
Winter homebuyers see intense demand, sellers gaining lightning speed sales, Lehigh Valley real estate agents say
Updated Jan 18, 2021;
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Winter home buying is expected to bring on more intense bidding wars as inventory levels continue to drop across the regional housing market, folks quarantining seek greater amenities, and mortgage rates hit near-record lows, Lehigh Valley real estate agents say.
For sellers, properties last month began selling at an average of just 19 days. It’s been an unusually active winter season. Sales typically start slowing down by mid-November, but this hasn’t been a typical season given the ongoing pandemic.