[googlepdf url=”https://sbemp.com/wp-content/uploads/2018/05/Foreclosures_Short_Sales-2.pdf” width=”100%” height=”600″]With residential foreclosures and defaults on the rise, many Californians are inclined to just walk away from their mortgages. However, before “giving the keys back to the bank,” it is wise to consider the tax consequences of such actions.

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In determining the form of a business entity investors should always consider the effect of state taxes. In this regard, it is important to note that certain pass-through entities (i.e. entities where the income is taxed at the investors’ level) that are not subject to income taxation must nevertheless pay certain minimum state-level taxes.

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Like most California tribes, a tribal council governs the Picayune Rancheria of Chukchansi Indians. But in December 2011, and again in February 2013, the Tribe’s governing council became embroiled in an internal power struggle with the tribal council ultimately splitting into three competing factions. Each of the factions claimed to be the Tribe’s sole and lawful governing body. Two of the tribal factions formed tribal courts, with each court issuing competing rulings recognizing themselves as the Tribe’s lawfully constituted tribal court and the council that appointed them as the Tribe’s lawful governing council.

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