Comments | spiffynoodle: The Excitement of Bankruptcy Law

spiffynoodle

The Excitement of Bankruptcy Law

Nov 15, 2007 13:17

You know you are meant to be a lawyer when the bankruptcy proceedings for Chrysler in the late 70's reads like an action suspense novel. I was on the edge of my seat while I was reading about what the company's directors were doing to stay out of bankruptcy. They were so clever and smooth, its hard to figure out how the company got so far into ( Read more... )

Comments 10

(The comment has been removed)

kenshusei November 16 2007, 11:59:03 UTC

Agreed.

anvilchorus November 15 2007, 18:40:35 UTC

I think its sad that you live so far from me. I think we could geek out alot.

The Code is cool! spiffynoodle November 15 2007, 19:39:38 UTC

Yeah, especially now that I'm taking an income tax class. I figured out today that if I were to get a divorce, I could screw my ex by transferring profitable property to her while keeping liquid assets. Since she would get the basis I had in the property at the time of transfer, and not get a new basis equal to its Fair Market Value, she would be taxed on her profits when she sold, while I would keep the untaxed liquid assets I got in the divorce.

For example, assume our settlement involved $100,000 cash and a piece of property worth $100,000 that had a basis of $10,000. If I had to chose one or the other, I'd choose the $100,000 cash, because my ex would get taxed (at least 25%) on the $90,000 profit she made on the sale of the property.

Without a good understanding of the code, my ex would probably think we both got an even amount of $100,000 worth of stuff. How cool is that?

Re: The Code is cool! anvilchorus November 15 2007, 19:42:04 UTC

I like how you're already thinking about screwing your ex wife without having been married yet. Good to plan ahead :)

Keep to the Code.

lomer November 15 2007, 23:48:17 UTC

Dork.

spiffynoodle November 16 2007, 04:17:37 UTC

It really is a great read. Since you have so much free time, you should give it a skim.

lomer November 16 2007, 04:45:24 UTC

I hate you.

kenshusei November 16 2007, 12:03:04 UTC

Uh oh... you straying away from the sublime realms of criminal law? Ever since the patch, bankruptcy law is pretty damn interesting. And lucrative. Especially with the economy in ye olde crap house.

Ooooh, I get it! You wanna do the federal prosecutor thing and nail white-collar criminals.

spiffynoodle November 16 2007, 16:48:41 UTC

Yeah. My end goal is to be a white collar prosecutor.