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    Basic Bankruptcy Treatment of Income Tax for Individuals

    Article This item attempts to clarify whether income taxes can be dismissed in bankruptcy and discusses certain aspects of bankruptcy and other options that CPAs need to be aware of in order to best represent their individual clients
    Published on June 30, 2011

    Dismissal of Tax-Driven Bankruptcy Plan Affirmed

    Article The Seventh Circuit affirmed a bankruptcy court’s refusal to confirm a bankruptcy plan and its dismissal of the bankruptcy proceeding because the principal purpose was to avoid taxes. The court said the filing was...
    Published on August 01, 2010

    Inherited IRA Is Included in Bankruptcy Estate

    Article The Supreme Court held that funds held in an inherited IRA are not retirement funds that are exempt from a bankruptcy estate
    Published on July 31, 2014

    QSub Status Is Not Property of Bankruptcy Estate

    Article An S corporation’s revocation of its S corporation status, which caused its QSub subsidiary to lose its status as a QSub, was not a post-bankruptcy-petition transfer of property of the QSub’s bankruptcy estate
    Published on August 06, 2013

    Taxes From Postpetition Farm Sale Are Not Dischargeable

    Article The Supreme Court ruled that taxes on gain from the sale of a farm after its owner had filed a Chapter 12 bankruptcy petition were not taxes incurred by the bankruptcy estate
    Published on June 30, 2012

    The Statute of Limitations

    Article How one taxpayer carefully reviewed the Statute and saved over $1.5 million.
    Published on January 28, 2011

    Bankruptcy and the Trust Fund Recovery Penalty

    Article When a corporation fails to remit the withheld taxes to the government, the IRS looks through the corporation to the individual or individuals who are responsible for the failure.
    Published on April 01, 2013

    On the Bookshelf

    Article Information on books of interest to tax practitioners.
    Published on May 21, 2010

    Taxpayers Not Insolvent for Purposes of Sec. 108 Exclusion

    Article The Tax Court held that a married couple had failed to prove the FMV of their two homes and the husband’s pension and thus could not prove they were insolvent.
    Published on September 30, 2012

    Deductibility of Bankruptcy Costs and the Origin of the Claim

    Article Costs incurred in a bankruptcy filing can be categorized as either personal or business related. A taxpayer cannot deduct those categorized as personal expenses but can deduct those categorized as business expenses
    Published on January 28, 2011

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