Augusta GA Chapter 11 Bankruptcy Assets lawyer
Bankruptcy in Columbia County GA
Bankruptcy rules decide which of the debtors assets form part of the bankruptcy estate. These assets will be treated the same in the estates hands as they will be in the debtors hands.
The gross income of the bankruptcy estate comprises of any of the debtors gross income to which the estate is entitled under the bankruptcy rules. The estates gross income will comprise all income the estate is entitled to and obtains or accrues after the beginning of the bankruptcy case. Gross income of the bankruptcy estate will not include amounts obtained or accrued by the debtor before the bankruptcy petition date.
The bankruptcy estate determines its taxable income the same way as an individual calculates his or her taxable income. The estate may take one personal exemption and either individual itemized deductions or the basic standard deduction for a married individual filing a separate return. The estate is not permitted take the higher standard deduction permitted for married persons filing separately who are 65 or older or blind. The estate uses the rates for a married person filing separately to calculate the tax on its taxable income.
———————
We are Augusta GA bankruptcy lawyer | Georgia attorney that assist their clients in filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy in Augusta GA.
Comments on this entry are closed.