From the Editor – Chapter 7 Issues • NACTT Academy

From the Editor – Chapter 7 Issues

By The Honorable William Houston Brown (Retired)

Means Test: Current monthly income includes pay earned in six-month look-back, even though received afterwards. Concluding that the date of receipt of pay was not determinative, § 101(10A)’s definition of current monthly income included pay that “derived” during the six months. Also, reviewing what other courts had held, the debtor’s prepetition wage garnishment was not a deductible expense, since the automatic stay prevented the garnishment from being an ongoing expense. And, the debtors’ monthly student loan payments were not a special circumstance rebutting the presumption . . .

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Treasury, IRS Issue Final Regulations, Other Guidance on New Qualified Business Income Deduction; Safe Harbor Enables Many Rental Real Estate Owners to Claim Deduction

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