7. Sam Spendthrift just completed the bankruptcy filing of Belly-Up, Inc., he most recent of his failed ventures. Sam was left with tax claims in the amount of $200,000, consisting of trust fund employment taxes which are nondischargeable in bankruptcy. Since his current job at Paupers, Inc., only pays minimum wage, he plans to pay off the debt by taking out a $200,000 loan. All Sam has to do is convince his wealthy uncle, Milton Megabucks, to co-sign for the loan. Milton calculates, however, that a 15 -year loan at 9% would cost approximately $365,000. Knowing Sam's earning capabilities, Milton figures that there must be a cheaper way out. To fully analyze the situation, Milton has asked Sam to compile a financial statement detailing any additional assets and liabilities. Sam came up with the following: Unfortunately, Milton has not found it in his heart to grant Sam any right to his estate. He is a bit disappointed that, at 33 years old, all Sam has managed to do is increase his negative net worth. What can Milton and Sam do to abate the tax claim? What factors would the IRS consider in evaluating any proposals by Sam