Scacpa's Weekly Federal Tax Update

Lynn Nichols Federal Tax Update Podcast May, 22 2019, Episode 40 Listen as Lynn Nichols provides commentary on 7 Items pertaining to current developments in U.S. tax law. Court Affirms Discharge of Accrued Interest on Student Loan Debt A U.S. district court affirmed a bankruptcy court decision that held that requiring a debtor to pay the accrued interest on her student loan debt would create an undue hardship and the interest should be discharged, holding that there was no error in the court’s finding that she would not be able to repay the loan and could eventually suffer significant tax consequences. [Educational Credit Management Corp. v. Vicky Jo Metz; USDC KS, No. 6:18-cv-01281; 5/2/2019]   IRS Rules Stock Repurchase Rules Doesn’t Ruin S Corp Status The IRS ruled that an S corporation’s agreement allowing the business to repurchase the company’s stock if a stockholder is terminated would not be considered in determining whether the corporation’s shares of stock confer identical rights to sharehold