OIC PROBLEM-1 Your client is in big trouble. He owes $1.3 million to IRS for the year ended December 31, 2019. He won a

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Oic Problem 1 Your Client Is In Big Trouble He Owes 1 3 Million To Irs For The Year Ended December 31 2019 He Won A 1 (41.28 KiB) Viewed 49 times

OIC PROBLEM-1 Your client is in big trouble. He owes $1.3 million to IRS for the year ended December 31, 2019. He won a lawsuit on June 1, 2018 in the amount of $5 million and lost almost everything in day trading. He just forgot to pay taxes on his winning of law suit. He is married and has three children-16 years, 12 years and 11 years old. He makes $3,333 per month. H had $439 in his bank account. He has two credit cards (1) Credit limit $18500, amount owed 8,592 (2) Credit limit 7,500 amount owed $6,247. He owns two cars (1) 2019 Nissan Quest, miles 85,000 (2) 2009 Maxima miles 87,000. He has clear title to these cars. He owns a house in Kingwood Texas-purchase price $217,000 date acquired 02/01/01 current value 210,000 loan balance 177,395 monthly payments $1,585. There are quite a few homes on sale in his neighborhood. I