10.22.09
Construction Contractors (October 22, 2009)
The following are links to items mentioned in the construction contracting course given for the Education Foundation on October 22, 2009 in Costa Mesa:
- FASB Codification – registration required (free)
- FASB Going Concern Project – updated information is posted here
- AICPA Construction Contractors Audit and Accounting Guide – AICPA purchase link
- IRS Construction Industry Audit Guide – Revised May 2009
- California Society TaxTalk group on Yahoo
- Presentation Slides – in PDF format
- My Twitter Feed – my name on Twitter is edzollars
Below is a Google Voice connect box. You can click on the button, provide your phone number, and Google will connect us toll free by calling you back and then, when you answer, calling me. The call is forwarded to me whereever I might be at the time. If I’m not available, you can leave a voice mail.
Vic Hausmaninger said,
October 22, 2009 at 10:06 am
I am attending your presentation today at the Westin and opened up your website. This is really excellent!! I very much appreciate your efforts in putting all this together and making it so readily available–very kind of you!
Will this material be available in the future in some “archived” basis or do I need to print off now what I may need in the future? Also, I would like to talk to you about a few things. Please call me at the number below when you get some time–no rush.
Again, thanks for all this good information and a very good class today. Unfortunately I will have to leave early–pick up my son from UCLA and go to a Laker game
Have a good rest of the day and a safe trip home
Vic Hausmaninger
949-833-2815
Ed Zollars, CPA said,
October 22, 2009 at 7:53 pm
The material is going to stay online, so you don’t need to grab it today. It will always be listed on the course date (October 22).
Santo Messina said,
October 26, 2009 at 9:59 am
Can you give me some more detail on selling a rental short. In the class I was not able to pickup all of it. A reference or a link would also be OK if you prefer.
Ed Zollars, CPA said,
October 29, 2009 at 3:16 am
Short sales are going to be governed by Section 108 generally for the forgiveness of indebtedness, which will generally be the amount by which the lender reduces the principal. As a general rule that is ordinary income, but if you meet the proper conditions you might be able to exclude the gain under Section 108. Most likely options would be insolvency (if the taxpayer has total liabilities in excess of assets) or the qualified real estate indebtedness option.
One thing to watch, though, is whether the lender really released their claim from the taxpayer for any recourse amount. Lenders are known to let a sale go through (thus releasing their lien on the property) but still hold onto the right to pursue the borrower. In that case the forgiveness of indebtedness would not occur until either the lender did give up their rights or the rights expired under applicable law.