1/18/19 the Treasury Department and the IRS issued final regulations and three related pieces of guidance, implementing the new qualified business income (QBI) deduction (section 199A deduction). The new QBI deduction, created by the 2017 Tax Cuts and Jobs Act (TCJA) allows many owners of sole proprietorships, partnerships, S corporations, trusts, or estates to deduct up to 20 percent of...
From the Editor – Curing Defaults
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By The Honorable William Houston Brown (Retired)
Cure of defaults did not include reinstatement of pre-default interest rate. The Fourth Circuit held that when the debtors had defaulted on their mortgage pre-bankruptcy and the lenders had imposed increased contractual default interest rate, § 1322(b)(2)’s antimodification provision prevented reduction of that default interest rate. “Cure” under §§ 1322(b)(3) and (5) did not include the ability to reinstate the pre-default interest rate, and the negotiated default rate was required for the debtors to maintain mortgage payments. Anderson v. Hancock, 820 . . .
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