When the purchaser/borrower in the intrafamily sale is a grantor trust, neither the trust (as the purchaser/ borrower) nor the client (as the seller/creditor) is likely to have any income tax consequences from the reduction of the interest rate or reduction of the principal amount of the promissory note
In other specialized papers they believe that the commercial credit instrument generically named bill of exchange includes two forms: treat, the first form of the bill of exchange in which are engaged in three persons: the drawer, the shirred, and the beneficiary, and "the promissory note
, a second form of the bill of exchange is an easier instrument than the treat, because from the three persons participating in a treat remain only two .
In the second part of this article, I will be providing more information on the debt collection process for outstanding debts arising from unpaid invoices and promissory notes
5 million convertible promissory notes
maturing in 1995 and $1 million common stock.
The promissory note
must bear the date, the exact amount of the payment and when the borrower is required to make payments to the lender.
The promissory note
loans will be used to partly refinance the acquisition of a shopping center in Leipzig.
The bonus agreement provided that all bonus payments would be retained by the employer as an offset to (and in payment of) the promissory note
The acquisition of MSAI was also completed in accordance with the Stock Purchase Agreement dated June 20, 2006 for an aggregate amount of $27,000,000, consisting of a cash component of $16,200,000 with a $2 million initial payment and a seller note for $11,300,000 due September 30th, 2006; the Company has the right to two 30 day extensions of the due date of the Promissory Note
Yet, consideration has been given in exchange for the promissory note
, because the nonparticipant spouse has surrendered a present ownership in the plan assets.
2 million, 10-year promissory note
bearing an annual interest rate of 6.
For CSI's assets and technology, Trace agreed (i) to pay $125,000 into escrow at the signing of the Agreement, (ii) to pay $325,000 at the closing of the transaction, (iii) to pay $125,000 by way of a promissory note
due 90 days after the closing of the transaction, and (iv) to pay $250,000 by way of a promissory note
180 days after the closing of the transaction (with such two promissory notes
referred to as the "Promissory Notes
to the trust in exchange for a promissory note
(bearing interest at the applicable Federal rate (AFR)).