Virgin Islands Law Blog : Virgin Islands Lawyer & Attorney : BoltNagi Law Firm : St. Thomas, St. John, St. Croix, Water Island, US Virgin Islands

Attorney Paula D. Norkaitis, Senior Litigation Counsel in the Tom Bolt & Associates, P.C. Litigation Practice Group,  recently was successful in arguing a case for the principle of abatement with regard to criminal convictions in the U.S. Virgin Islands.

Norkaitis had represented defendant, Edwardo Carmona, Jr., who was convicted at trial of first degree murder by a jury before the Honorable Michael Dunston. Carmona was sentenced to life imprisonment on April 4, 2008.

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The St. Thomas Coastal Zone Management Committee agreed with the position of the Friends of Mandahl Thursday evening disapproving a proposal for a large-scale marina and housing development in Estate Mandahl to cheers and applause from the public.   The Friends of Mandahl represented by environmental counsel Nycole Thompson of Tom Bolt & Associates, P.C. had advocated against the project as it did not comply with the criteria established by law for coastal zone projects in the Territory. “The CZM decision to deny Mandahl Bay Holdings' permit applications is a victory for both the community and for the environment.”  Thompson said.

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The recently enacted economic-stimulus law contains a number of provisions but hidden within the legislation is an unusually attractive new tax break for many homebuyers -- if they can only figure out how it works.

The new law sweetens a provision known as the "first-time homebuyer credit." In essence, if you meet certain qualifications, such as buying a home from Jan. 1 through Nov. 30 this year, you may be eligible for a tax credit of as much as $8,000. You also have a choice of claiming the credit on your federal income-tax return for 2008 or 2009. A credit is typically more valuable than a deduction, since it eliminates your taxes on a dollar-for-dollar basis -- and in this case, you may receive the credit even if you don't owe any taxes.

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One of the most significant tax provisions contained in the recently enacted American Recovery and Reinvestment Act of 2009 might prove helpful to certain taxpayers looking to restructure their balance sheets.

A debtor generally recognizes income from the cancellation of its debt. A debtor recognizes COD income when it purchases the debt instrument for less than the adjusted issue price of the debt or exchanges an old obligation for a new obligation with a reduced adjusted issue price from the old obligation. For this purpose the same result occurs upon a modification of debt that is treated as an exchange. A debtor also recognizes COD income when a person who bears a relationship to the debtor described in Code section 267(b) or Code section 707(b) acquires the debtor's debt for less than the adjusted issue price of the debt.

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