Time with Parent Does Not Control Support Obligation

Child support is based on all relevant factors, including the amount of time the child spends with each parent, but that factor does not determine which parent has the support obligation, nor the amount of the obligee’s overnight custody credit. Circuit court is an expert in awarding litigation expenses, and basing an award on the appellant’s misconduct did not constitute an abuse of discretion.

If you would like to speak to an attorney about a family law matter, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.

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Account for Lien Filed Too Late

Payment for an architect’s work under contract is secured by statute, on improvements to real estate, by a lien. A later contract does not extend the time to file for the first contract. Separately from the earlier work, the parties’ documents showed intent to contract for later work, and not as an extension of the earlier work. Even if the later work would have been an addition to the earlier contract, the later work was not lienable because it consisted only of meetings and not improvements to real estate.

If you have a real estate issue and would like to speak to an attorney, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.

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Terra’s Kitchen, Baltimore-Based Meal Kit Company, Files for Bankruptcy

Baltimore-based meal kit company, Terra’s Kitchen, has filed for chapter 7 bankruptcy. The company’s bankruptcy petition listed its assets at just over $15,000, while its debts are nearly $20 million. The company is ceasing operations after struggling to raise capital. The company also recently settled a class action lawsuit with California customers because of subscription disclosures. The company was ordered to pay more than $100,000 to Baltimore’s Jellyfish Online Marketing in a separate case.

If you are thinking about filing for bankruptcy and would like to speak to an attorney, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.

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Stan Lee’s Daughter Sues Looking to Reclaim His Intellectual Property

J.C., Stan Lee’s daughter, is picking up the intellectual property battle that started at the end of Lee’s life. She is broadening the suit to examine nearly two decades of deal-making for Stan Lee, the comicbook legend.

If you would like to speak to an attorney about a property matter, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.

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District Judge Says Proceeds of Exempt Property Retain Exempt Status in Chapter 7

After filing for chapter 7 bankruptcy, a debtor can sell exempt property and permanently protect the proceeds from creditors, even if the debtor does not reinvest the proceeds in exempt property within the time limits prescribed by state law, bankruptcy and district judges held in Maine. The facts are always important, in this case the debtor owned a home in Maine, a state with a $47,500 homestead exemption.

If you would like to speak to an attorney about a real estate matter or bankruptcy, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.

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Kik Shutting Down Its Messaging App to Focus Exclusively on Cryptocurrency

Ted Livingston, the CEO of Kik, a popular messaging app, announced that the company would be shutting down the messaging application. The company is shutting down the application in order to focus entirely on its own cryptocurrency Kin.

If you would like to speak to an attorney about a business matter, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.

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Taxpayers Should Beware of Property Lien Scam

The Internal Revenue Service issued a tax tip warning taxpayers to watch for new versions of tax-related scams, one of which involves fake property liens. The following details will help taxpayers to recognize the property lien scam:

  • A letter threatening an IRS lien or levy
  • Letter mailed to the taxpayer
  • Lien or levy is based on fake overdue taxes owed to a non-existent agency
  • Non-existent agencies may have a legitimate sounding name, such as “Bureau of Tax Enforcement” (no such agency exists)
  • The scam may reference the IRS to confuse potential victims into thinking the letter is from a real agency

If you have been a victim of a scam and would like to speak to an attorney, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.

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As Maturities Loom, GNC is Said to Weigh Debt Refinancing Options

GNC Holdings, Inc., the health and wellness company, is looking to rework the almost $900 million debt to get ahead of important borrowing dates. GNC currently has 4,800 store locations in the U.S., including 1,200 Rite Aid store-within-a-store locations, more than 1,000 franchise locations, and franchise operations in 46 international markets. GNC plans to close as many as 900 stores by the end of 2020 and cutting its mall outlets in half.

If you have a business in trouble and would like to speak to an attorney, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.

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IRS Finalizes Safe Harbor to Allow Rental Real Estate to Qualify for Qualified Business Income Deduction

If the IRS safe harbor requirements are met, a real estate rental interest will be treated as a single trade or business for purposes of the Section 199A deduction. The safe harbor is available to taxpayers who seek to claim the Section 199A deduction in regards to a “rental real estate enterprise,” which is defined as an interest in real property that is held to generate rental or lease income. The taxpayer or relevant pass-through entity (RPE) must hold each interest directly or through an entity that is disregarded as a separate entity from its owner (i.e., a single member limited liability company).

The following requirements must be met to qualify for this safe harbor:

  • Maintained separate books and records to reflect income and expenses for each real estate rental enterprise;
  • For rental real estate enterprises that have been in existence for less than four (4) years, 250 or more hours of rental services are performed per year. For other rental real estate enterprises, 250 or more hours of rental services are performed in three (3) of the last five (5) years.
  • Taxpayer maintained contemporaneous records, including time reports, logs, or similar documents that include:
    • Hours of all services performed
    • Description of all services performed
    • Dates on which such services were performed
    • Who performed the services
  • Taxpayer or RPE attaches a statement to the return filed for the tax year(s) the safe harbor is relied upon.

If the above requirements are not met, the real estate interest may still be treated as a trade or business for the Section 199A deduction if it meets the definition of a trade or business under the Section’s regulations.

If you need tax preperation assistance and would like to speak to an attorney, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.

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Circuit Finds No Successor Liability from Buying Assets and Continuing the Business

The Eighth Circuit recently held that a purchaser has no successor liability to a debtor’s unpaid creditors. Both in the business of roasting coffee, the buyer declined to directly purchase assets from the debtor because the debtor had substantial liabilities. The buyer wanted to buy the assets from the bank, who took the assets from the seller.  According to the agreement between the buyer and the bank, the bank would not be responsible for any debts owed by the debtor.

If you are in financial trouble and would like to speak to an attorney, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.

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