Short Sale Tax Consequences Ease for CA Homeowners with SB 458

PRLog (Press Release) – Jul 23, 2011 – Short sale tax implications for distressed home owners improved tremendously this week as Governor Jerry Brown signed Senate Bill 458 into law, effectively eliminating secondary lien holders from going after sellers following a short sale.

Previous legislation, SB 931, protected sellers from a deficiency judgment by a first lien holder after a short sale but did not provide any form of relief against judgments filed by secondary lien holders following a closed sale.  This resulted in many sellers being levied with judgments for any amount not paid in full to the secondary lien holder and had obvious and severe credit implications.

Now, with the passing of SB 458, the door has opened for many Californians to avoid the negative short sale tax issues of the past and get on the road to credit and financial recovery faster and without the pending doom of a large judgment.  The bill will prohibit the holder of a note from requiring the trustor, mortgagor, or maker of the note to pay any additional compensation, aside from the proceeds of the sale, in exchange for the written consent to the sale.

"This decision is fantastic news for the millions of California home owners who are currently upside down on their mortgage and have both a first and second loan," stated Financial Accounting Specialist founder and 2010 Sterling Business Owner of the Year, Frederick Karma.

SB 458 will cover any dwelling of 4 units or less which is sold for a sales price less than the remaining amount of indebtedness.

Please contact Frederick Karma of Financial Accounting Services for more information on the tax implications of a short sale.  951-719-1515  http://www.shortsaletaxpro.com

Mr. Fred Karma is the founder of Financial Accounting Services. He has been in business since 1986. He focuses on tax planning and helping small to mid-size business owners. Mr. Karma holds a Bachelors Degree and a Masters Degree in Business Management & Accounting. To keep up with the changes, Fred is a member of the National Society of Enrolled Agents, National Society of Accountants, and a Certified QuickBooks Pro-AdvisorSM.
Fred resides in Temecula, California with his wife and 3 children and is an Enrolled Agent licensed to practice before the IRS. http://www.taxmanfred.com/

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Peliculas Online

China Daily: Companies Listed in the US Fight Claim by Short Seller

PRLog (Press Release) – Jul 19, 2011 – The China Daily, with a daily circulation of over 500,000  is the English language mouthpiece for the Chinese government, and is often used by the government as a guide to official policy.  It is generally acknowledged that the paper reflects the Communist Party’s policy.

This makes the front page story in the China Daily even more interesting.  The headline of the article was “Companies Listed in the US Fight Claim by Short Seller.” Just the fact that the story was on the front page leads one to the conclusion that the Chinese government is taking the accounting issues that have affected Chinese companies listed in the U.S., Canada, Hong Kong and Singapore very seriously. It also  confirms the importance of the foreign capital that the Chinese companies traded overseas have been able to attract, and that the Chinese government wants this flow of capital to continue.

Of greater importance is the fact that the story highlighted actions being taken by companies that have been attacked by short sellers.

One of the companies attacked by short sellers was Spreadtrum Communications.  The company saw its share price plunge almost 70 percent from $24 to $8 after a report was  published on June 28th by the research firm Muddy Waters.  The company’s shares have recovered and today the shares closed at $14.75.  Spreadtrum Communications had indicated that Muddy Waters allegations were groundless. Leo Li, the company’s CEO was quoted by the China Daily as saying that “Muddy Waters’ report lacks supporting material and Spreadtrum has solid fundamentals.”

In a Bloomberg Television interview, Carson Block, the CEO of Muddy Waters had hinted that he might have been wrong about Spreadtum Communications.

The China Daily story also stated,” …market watchers said that Spreadrum case has hurt the credibility of Muddy Waters and that the game of shorting Chinese stocks may soon come to an end.”

Hung Haizhou, the chief strategist at China international Capital Corp. (CICC) was also quoted as saying, “Companies 1916338565  such as Muddy Waters won’t have a long lasting impact on US listed Chinese companies, and we think that the turning point may soon emerge.”  Huang was also quoted as saying, “The activities of short sellers such as Muddy Waters will soon come to an end, and Muddy Waters may be faced with legal action by the Chinese companies if its claims are proven to be false.”

Friedland Capital provides corporate finance advisory services to publicly-traded and privately-held emerging growth companies worldwide to help them achieve their short-term capital goals, and to realize their long-term business objectives.

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Peliculas Online