WebMay 29, 2024 · Bankruptcy debtors generally have two main avenues to fix the amount of their tax liability for a given year: (1) file a motion for the bankruptcy court to determine the amount of their tax debt pursuant to 11 U.S.C. § 505; or (2) object to the IRS’s proof of claim. See Internal Revenue Service v. WebOct 23, 2024 · In Bush v. United States of America, No. 16-3244, decided September 20, 2024, the Court of Appeals for the Seventh Circuit held that the Bankruptcy Court has …
Bankruptcy court allows PAL to draw from $505-M financing
WebOct 23, 2024 · In Bush v. United States of America, No. 16-3244, decided September 20, 2024, the Court of Appeals for the Seventh Circuit held that the Bankruptcy Court has jurisdiction to determine the amount of tax liability under Section 505 if it could possibly effect the creditors and the bankruptcy estate at the time the case is filed. Web11 U.S.C. § 505 (a) (1) (emphases added). The powers in § 505 (a) (1) are very broad, [3] extending bankruptcy authority over tax matters of the estate as well as the personal tax … infamous game 2021
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