chazoo12 wrote:

- quote -

From the way you word the question, I'm wondering if your
lawyer, in preparing the original offer even thought that
such debt would be considered by IRS. Further, does the
lawyer even now think that buying two new cars and taking on
that debt will actually help you?

If so, I would suggest you fire the lawyer and get help from
an accountant, either an EA or CPA, versed in how to
structure a reasonable offer.

Christmas Cheer$,
Harlan Lunsford, EA n LA

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"chazoo12" <chaz.king[at]choicehomes.com> wrote:

more than likely he will if it appears that was the reason
for the purchase. on the other hand if your two cars are
junkers you would have a strong argument. also if he accepts
the monthly payment he might hit you with the "retired debt"
calculation. namely: once the payments are over, say 60
months, and there is 84 months remaining on the statute of
limitations they can argue that the amount of the monthly
payments then can be X'd 24 and increase your offer by that
amount.

good luck

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Our OIC was rejected this past May, 2003 and our lawyer
immediately filed an appeal. We have a conference scheduled
with the Appeals Office Settlement Officer in about 3 weeks.

I now have the idea that we should go out and buy two new
cars. Doing so will show lots of debt and zero equity.

If we do this and submit a completely reworked balance sheet
with proof that we have this debt and zero equity, what will
the Settlement Officer do? Can he refuse to count the newly
acquired debt?

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