Below are some examples of joint and separate liabilities. When these issues arise, apply the principles in IRM 5.17.14, Fraudulent Transfer and Transferees and Other Third Party Liability, or request a Counsel opinion. Accounts receivable that are current (i.e. less than 90 days past due) generally should not be discounted at Quick Sale Value (QSV). If the account is determined to be delinquent it may be discounted appropriately based on the age of the receivable and the potential for collection.
See also, IRM 188.8.131.52, Income Producing Assets, for a full discussion on the treatment of income producing assets. 184.108.40.206 (09-30-2013)Real Estate Verify types of ownership through warranty and mortgage deeds. Currently, MD5, SHA256, and SHA512 are supported. 220.127.116.11 Format hash:[md5|sha256|sha512]; 3.5.4 length The length keyword is used to specify the original length of the content specified in a protected_content rule digest. Returns a string representation of the number N, converted from base from_base to base to_base. The result will be right-shifted by the number of bits equal to the number of trailing zeros in the mask.
Example: If a Revenue Officer has completed a full CIS analysis, including verification of assets, income, and expenses, and has made a determination of the fair market value (FMV) of assets, equity in assets and monthly ability to pay, this information should not be re-investigated. Generally, the assets and income of a not liable person are excluded from the computation of the taxpayer’s ability to pay. National Standard expenses do not require verification unless the taxpayer claims more than the standard amount. Do not allow the taxpayer any amount paid toward the non-liable person’s discretionary expenses.