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The meeting will begin at 4:15 p.m. in the council chambers at Lakeport City Hall, 225 Park St.
Under old business, the commission will discuss the Forbes Creek Trail, Library Park, Westside Park and Westshore Pool.
New business items include providing recommendation to the Lakeport City Council regarding pursuing Proposition 84 grant funding, and discussion and possible action regarding moving meeting to second Thursday of each month.
The commission will then set the date of its next meeting on April 9 before adjourning.
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Normally, debt forgiveness results in taxable income. However, under the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude up to $2 million of debt forgiven on your principal residence. The limit is $1 million for a married person filing a separate return.
Taxpayers may exclude debt reduced through mortgage restructuring, as well as mortgage debt forgiven in a foreclosure.
To qualify, the debt must have been used to buy, build or substantially improve your principal residence and be secured by that residence. Refinanced debt proceeds used for the purpose of substantially improving your principal residence also qualify for the exclusion.
However, proceeds of refinanced debt used for other purposes (for example, to pay off credit card debt) do not qualify for the exclusion.
If you qualify, you claim the special exclusion by filling out Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness, and attaching it to your federal income tax return for the year.
Debt forgiven on second homes, rental property, business property, credit cards or car loans does not qualify for the new tax-relief provision. In some cases, however, other tax relief provisions, (for example, insolvency), may be available. See Form 982 for details.
If your debt is reduced or eliminated you will receive a year-end statement, Form 1099-C, from your lender. By law, this form must show the amount of debt forgiven and the fair market value of any property foreclosed.
The Internal Revenue Service urges borrowers to examine the Form 1099-C carefully. Notify the lender immediately if any of the information shown is incorrect. You should pay particular attention to the amount of debt forgiven (Box 2) and the value listed for your home (Box 7).
For more information about the Mortgage Forgiveness Debt Relief Act of 2007, visit the IRS Web site at www.irs.gov.
A good resource is IRS Publication 4681, Canceled Debts, Foreclosures, Repossessions and Abandonments. Taxpayers may obtain a copy of this publication and Form 982 either by downloading from IRS.gov or by calling 800-TAX-FORM (800-829-3676).
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The meeting will begin at 6 p.m. in the council chambers at Lakeport City Hall, 225 Park St.
The main item on the meeting's agenda will be consideration of a general plan conformity report regarding the potential sale of a city-owned parcel at 902 Bevins Court.
In compliance with the Americans with Disabilities Act, the city of Lakeport will make available to members of the public any reasonable assistance necessary to participate in this meeting. Contact the Community Development Department at 263-5613, Extension 25, to make such a request.
Notification 72 hours prior to the meeting will enable the city to make reasonable arrangements to ensure accessibility to this meeting.
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The event will feature wine, food, and entertainment set amid the winery’s gardens that bloom each year with more than 30,000 tulips imported from Holland.
Admission to the Festival of Tulips includes a Tulip Hill wine glass for unlimited tastings, sumptuous hors d’oeuvres from the Blue Wing Saloon & Café paired with red and white wines, desserts from
Angelina’s Bakery paired with dessert wines, live blues music provided by Bill Noteman and the Rockets, winery tours, barrel tasting and more.
During the event, tours of the winery will include the crush pad, the cellar, the bottling room, and everywhere in between. Special deals on wine and wine-related products will be offered during the festival.
Tulip Hill Winery opened in 2004 on the site where the Bartlett Springs Water Bottling Plant once operated. The first owners of Bartlett Springs began bottling mineral water as early as the 1870s, claiming the water cured many ailments.
Revered in Europe as well as the United States, the famous plant, which drew thousands of tourists to Lake County in the 1800s, had changed hands over the years, and closed down in the late 20th century. It wasn’t until the Brown family arrived that the historic site would once again have a purpose – this time for the production of wine.
In addition to its winery and tasting room in Nice, Tulip Hill Winery operates a second tasting room in Rancho Mirage, near Palm Springs in Southern California.
Tickets to the Festival of Tulips are $25 per person per day in advance and may be purchased online; or $30 at the door. Tulip Hill Winery is located at 4900 Bartlett Springs Road, Nice.
For more information, call 274-9373 or visit www.tuliphillwinery.com.
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