Tag Archives: Taxation

Apollo Monetary Group Lobbies Congress – Requests Assessment of Legislation Relating to Taxation of Loan Modifications

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New York, NY (PRWEB) October 31, 2012

by Bill Cooper Anderson

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For instant release

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Apollo Economic Group lobbies Congress to request review of legislation on taxation to the debt holder supplying loan modifications on acquired debt.

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Earnings tax law makes federal government complicit in home foreclosures against American property owners.

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A federal earnings tax law on loan modifications is producing mortgage holders and investors pay taxes for revenue they have not received.

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The law says any time loans like mortgages are modified, the modified loan may be subject to earnings tax. The tax has to be paid even though the modified loan has not generated the earnings getting taxed. This is known as a phantom earnings tax. The law is Title 26 of the IRS Code, 1.1001-3

Apollo Financial Group Lobbies Congress – Requests Review of Legislation Regarding Taxation of Loan Modifications

Posted on by


New York, NY (PRWEB) October 31, 2012

by Bill Cooper Anderson

&#13

For immediate release

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Apollo Economic Group lobbies Congress to request assessment of legislation on taxation to the debt holder offering loan modifications on acquired debt.

&#13

Revenue tax law tends to make federal government complicit in house foreclosures against American homeowners.

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A federal revenue tax law on loan modifications is making mortgage holders and investors spend taxes for revenue they have not received.

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The law says any time loans like mortgages are modified, the modified loan might be subject to revenue tax. The tax has to be paid even although the modified loan has not generated the earnings getting taxed. This is recognized as a phantom income tax. The law is Title 26 of the IRS Code, 1.1001-3