Is cash gift considered income ?

July 17th, 2006 by Questions

If during bankruptcy I receive $5,000 gift from a relative, would that money be considered income and “surplus income” would then occur?

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One Response to “Is cash gift considered income ?”



July 18, 2006 at 9:41 am, Barton Goth, GCO Inc. Bankruptcy Trustees said:

Yes, any monies that come into your possession must be factored into the superintendent surplus calculation.

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