New York, NY (PRWEB) October 31, 2012
by Bill Cooper Anderson

For immediate release

Apollo Economic Group lobbies Congress to request assessment of legislation on taxation to the debt holder offering loan modifications on acquired debt.

Revenue tax law tends to make federal government complicit in house foreclosures against American homeowners.

A federal revenue tax law on loan modifications is making mortgage holders and investors spend taxes for revenue they have not received.

The law says any time loans like mortgages are modified, the modified loan might be subject to revenue tax. The tax has to be paid even although the modified loan has not generated the earnings getting taxed. This is recognized as a phantom income tax. The law is Title 26 of the IRS Code, 1.1001-3