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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 586
Experience:  10 years experience
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In 2008, before all of America felt the USA economy turn

Customer Question

In 2008, long before all of America felt the USA economy turn sour, a very wealthy client of my company (coincidentally, my client was the largest depositor of that same bank...we both banked there and he was literally their #1 customer as determined in many different formulas) convinced the CEO of that same bank to "call-in" my company's $450k credit-line even though the annual renewal should have been a fade' complete. The net result was that my company's credit status immediately went from "current" & "zero past dues," to "delinquent" & "past due" on $450k! That bad act did allow me to see the oppositions immediate goal. That credit-line was secured by my company's $20,000,000 inventory of rare & autographed books, letters, documents, ephemera. To stop this I put the company into bankruptcy "Reorginization.". The bank's Account Rep who had administered my accounts called me in tears to inform me that she had resigned in protest. Also, that her age of 62 kept her from doing more to help my cause. Also coincidentally (there are literally eight big time, identifiable "memorable/nightmarish" coincidences!
To sum-up my most immediate problem/question....eventually the attornies for the bank(after refusing to accept full pay-offofthe bank loan) did take possession of about half of that $20M inventory and all creditors due same, we're also paid their due. That still left inventory with an IRS' "book-value" of a few million dollars. But, the owner company had been forced into devolution over my objections! I haven't filed personal or corporate tax-returns since, fearing that I may be indebtedsomeastronomical figure. My annual income since that time is/has been Social Security disability of $24,800.00 annually. Please glean my multiple questions and answer them the best that you can under these circumstances.
Timmy in Nashville
Submitted: 1 year ago.
Category: Tax
Expert:  ShawnA replied 1 year ago.

I am sorry but I didn't see "multiple questions". I can be reached by telephone as well. I'll send you an offer.