Thomas Mammarella to Speak at 'Short Topics in Real Estate 2014'
GF&M director Thomas Mammarella will be speaking at an upcoming seminar, “Short Topics in Real Estate 2014,” sponsored by the Real and Personal Property Section of the Delaware State Bar Association. His presentation will focus on basic rules and planning considerations related to the discharge of indebtedness income.
The discharge of debt is considered income for tax purposes because the taxpayer has been relieved of the obligation to repay the amount forgiven. In real estate, for instance, if debt is discharged by a lender without the transfer of property, the amount discharged is considered taxable income. When the sale or transfer of property is involved, however, issues of capital gains or losses come into play, creating a different tax situation. The best course of action from a tax standpoint can depend on whether the debtor is solvent or insolvent, the amount owed and the market value of a property.
Mammarella will present examples and case studies to illustrate the current law regarding indebtedness income. Other presentations will focus on land use law, liens against real property, foreclosure sales and the basics of title insurance.
The live seminar will take place Thursday, April 10 from 1 to 4:45 p.m. at the Delaware State Bar Association, 405 N. King St., Wilmington, Del. A live webcast will be shown at the law firm of Tunnell & Raysor, 30 E. Pine St., Georgetown, Del. A post-seminar social will take place at The Queen Theatre, located at 500 N. Market St. in Wilmington.
