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Basis Reduction Required in Year of Debt Discharge

(JofA) - Facts: Richard Hussey purchased 27 investment properties in 2009. To do so, he assumed approximately $1.7 million of outstanding loans. He sold 16 of the properties in 2012 and another seven in 2013, all but one at a loss.



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More Offshore Account Prosecutions For Secret Accounts Seeking Heavy Prison Time 
(Forbes) - When the feds find them, they are harsh. In one recent indictment, Mark Anthony Gyetvay was accused of defrauding the United States by not disclosing offshore assets, failing to report income on his tax returns, failing to pay millions in taxes, and submitting a false offshore compliance filing as he tried to avoid penalties and prosecution.


Stimulus Programs, Lender Generosity Keeping Bankruptcies at Bay 
(CFO) - But higher interest rates and sustained inflation could lead to a wave of chapter 11 filings in mid-2022.


Mesh Wi-Fi vs. Traditional Router: Which One’s Best for Your Home? 
(PC World) - You can go with the easy answer—or the one that’s actually best for you.


High Inflation to Last Awhile, Fed’s Bostic Says, and It’s No Longer ‘Transitory 
(MarketWatch) - Atlanta Federal Reserve President Raphael Bostic on Tuesday said a sharp increase in prices in 2021 tied to the pandemic has broadened beyond just a handful of major goods such as autos and lumber and “will not be brief.”


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