A Credit Card Debt is Settled, But Tax on DOI Income Still Due Judge Ruwe at the Tax Court finds petitioners owe tax on income from a settled credit card debt in Shepherd v. Commissioner, and a U.S. Bankruptcy Court for the Western District of Pennsylvania rules on the valuation of a mortgagee’s creditor’s secured claim in Buena Vista Oceanside, LLC., v. Optimum Bank
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If you’re interested in keeping up on regulatory news in a day-to-day fashion, Financial Executives International (FEI) publishes a great news page on its own site and offers content for the FEI Financial Reporting Blog at AccountingWeb. Both sites offer multiple monthly highlights from SEC, PCAOB, FASB, IASB, and other regulatory news, including reporting under Sarbanes-Oxley Sect 404. The FEI Financial Reporting Blog is written by Edith Orenstein, Director of Technical Policy Analysis at FEI. Here are some headlines from happenings the past few weeks, with links to fuller articles: FASB Defines Nonpublic Entity (Private Company) During its past two board meetings, the FASB has reached tentative…