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Discharge of Tax Lien Avoided by Trustee under 724(a)
Irs is correct. Tax lien is pursuant to federal law. homestead is state law. fed law supercedes. I am actually surprised any money was paid to debtor in the face of the tax lien.
d
Dennis McGoldrick, 350 S. Crenshaw Bl., #A207B, Torrance, Ca 90503 310-328-1001-voice
> On Jan 14, 2014, at 2:48 PM, Christian Kim wrote:
>
> IRS records tax lien against real property of which approximately one-third is for tax penalties. Debtor files bankruptcy and Chapter 7 trustee sells real property and pays IRS for non-penalty portion of IRS claim as a secured claim. Chapter 7 trustee avoids tax penalty portion of lien under Bankruptcy Code section 724(a) and preserves the amount of the tax penalty for the benefit of the estate to pay for administrative expenses and the one other unsecured claimant. The Debtor claims a $100,000 homestead, for which, he was paid a portion after the estate is paid for the avoided tax penalty lien through the sale. Not long after the sale, the Debtor receives a discharge. The administrative expenses of the estate and the other claim later take a portion of the IRS penalty claim that was avoided and preserved for the benefit of the estate. IRS claims that Debtor remains liable for the IRS' unpaid portion of the penalty claim that was avoided under 724(a) as the homestead remains liable for tax penalties. The subject taxes meet the 3 year, 2 year, and 240 day rules.
>
> Are the unpaid tax penalties discharged or is the Debtor still liable to the IRS for these penalties?Any thoughts would be appreciated. Thank you!
>
> --
> Christian T. Kim
> Dumas & Associates
> 3435 Wilshire Boulevard, Suite 990
> Los Angeles, CA 90010
> (p) 213-368-5000
> (f) 213-368-5009
> ckim@dumas-law.com
>
> www.dumas-law.com
>
> NOTICE: This communication is intended for the use of the individual or entity to which it is addressed and may contain attorney/client information that is privileged, confidential and exempt from disclosure under applicable law. If the reader of this communication is not the intended recipient or the employee or agent responsible for delivering this communication to the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. If you have received this communication in error, please notify us immediately by reply email or by telephone and immediately delete this communication and all its attachments.
>
On Jan 14, 2014, at 2:48 PM, Christian Kim <ckim@dumas-law.com> wrote:
IRS records tax lien against real property of which approximately one-third is for tax penalties. Debtor files bankruptcy and Chapter 7 trustee sells real property and pays IRS for non-penalty portion of IRS claim as a secured claim. Chapter 7 trustee avoids tax penalty portion of lien under Bankruptcy Code section 724(a) and preserves the amount of the tax penalty for the benefit of the estate to pay for administrative expenses and the one other unsecured claimant. The Debtor claims a $100,000 homestead, for which, he was paid a portion after the estate is paid for the avoided tax penalty lien through the sale. Not long after the sale, the Debtor receives a discharge. The administrative expenses of the estate and the other claim later take a portion of the IRS penalty claim that was avoided and preserved for the benefit of the estate. IRS claims that Debtor remains liable for the IRS' unpaid portion of the penalty claim that was avoided under 724(a) as the homestead remains liable for tax penalties. The subject taxes meet the 3 year, 2 year, and 240 day rules.
Are the unpaid tax penalties discharged or is the Debtor still liable to the IRS for these penalties?Any thoughts would be appreciated. Thank you!-- Christian T. KimDumas & Associates
3435 Wilshire Boulevard, Suite 990Los Angeles, CA 90010(p) 213-368-5000(f) 213-368-5009ckim@dumas-law.com www.dumas-law.com
NOTICE: This communication is intended for the use of the individual or entity to which it is addressed and may contain attorney/client information that is privileged, confidential and exempt from disclosure under applicable law. If the reader of this communication is not the intended recipient or the employee or agent responsible for delivering this communication to the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. If you have received this communication in error, please notify us immediately by reply email or by telephone and immediately delete this communication and all its attachments.
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IRS records tax lien against real property of which approximately one-third
is for tax penalties. Debtor files bankruptcy and Chapter 7 trustee sells
real property and pays IRS for non-penalty portion of IRS claim as a
secured claim. Chapter 7 trustee avoids tax penalty portion of lien under
Bankruptcy Code section 724(a) and preserves the amount of the tax penalty
for the benefit of the estate to pay for administrative expenses and the
one other unsecured claimant. The Debtor claims a $100,000 homestead, for
which, he was paid a portion after the estate is paid for the avoided tax
penalty lien through the sale. Not long after the sale, the Debtor
receives a discharge. The administrative expenses of the estate and the
other claim later take a portion of the IRS penalty claim that was avoided
and preserved for the benefit of the estate. IRS claims that Debtor
remains liable for the IRS' unpaid portion of the penalty claim that was
avoided under 724(a) as the homestead remains liable for tax penalties.
The subject taxes meet the 3 year, 2 year, and 240 day rules.
Are the unpaid tax penalties discharged or is the Debtor still liable to
the IRS for these penalties?Any thoughts would be appreciated. Thank you!
Christian T. Kim
Dumas & Associates
3435 Wilshire Boulevard, Suite 990
Los Angeles, CA 90010
(p) 213-368-5000
(f) 213-368-5009
ckim@dumas-law.com
www.dumas-law.com
NOTICE: This communication is intended for the use of the individual or
entity to which it is addressed and may contain attorney/client information
that is privileged, confidential and exempt from disclosure under
applicable law. If the reader of this communication is not the intended
recipient or the employee or agent responsible for delivering this
communication to the intended recipient, you are hereby notified that any
dissemination, distribution or copying of this communication is strictly
prohibited. If you have received this communication in error, please notify
us immediately by reply email or by telephone and immediately delete this
communication and all its attachments.
IRS records tax lien against real property of which approximately one-third is for tax penalties. Debtor files bankruptcy and Chapter 7 trustee sells real property and pays IRS for non-penalty portion of IRS claim as a secured claim. Chapter 7 trustee avoids tax penalty portion of lien under Bankruptcy Code section 724(a) and preserves the amount of the tax penalty for the benefit of the estate to pay for administrative expenses and the one other unsecured claimant. The Debtor claims a $100,000 homestead, for which, he was paid a portion after the estate is paid for the avoided tax penalty lien through the sale. Not long after the sale, the Debtor receives a discharge. The administrative expenses of the estate and the other claim later take a portion of the IRS penalty claim that was avoided and preserved for the benefit of the estate. IRS claims that Debtor remains liable for the IRS' unpaid portion of the penalty claim that was avoided under 724(a) as the homestead remains liable for tax penalties. The subject taxes meet the 3 year, 2 year, and 240 day rules.
Are the unpaid tax penalties discharged or is the Debtor still liable to the IRS for these penalties?Any thoughts would be appreciated. Thank you!-- Christian T. KimDumas & Associates
3435 Wilshire Boulevard, Suite 990Los Angeles, CA 90010(p) 213-368-5000(f) 213-368-5009ckim@dumas-law.commas-law.com
NOTICE: This communication is intended for the use of the individual or entity to which it is addressed and may contain attorney/client information that is privileged, confidential and exempt from disclosure under applicable law. If the reader of this communication is not the intended recipient or the employee or agent responsible for delivering this communication to the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. If you have received this communication in error, please notify us immediately by reply email or by telephone and immediately delete this communication and all its attachments.
The post was migrated from Yahoo.
X-Yahoo-Newman-Id: groups-system
IRS records tax lien against real property of which approximately one-third
is for tax penalties. Debtor files bankruptcy and Chapter 7 trustee sells
real property and pays IRS for non-penalty portion of IRS claim as a
secured claim. Chapter 7 trustee avoids tax penalty portion of lien under
Bankruptcy Code section 724(a) and preserves the amount of the tax penalty
for the benefit of the estate to pay for administrative expenses and the
one other unsecured claimant. The Debtor claims a $100,000 homestead, for
which, he was paid a portion after the estate is paid for the avoided tax
penalty lien through the sale. Not long after the sale, the Debtor
receives a discharge. The administrative expenses of the estate and the
other claim later take a portion of the IRS penalty claim that was avoided
and preserved for the benefit of the estate. IRS claims that Debtor
remains liable for the IRS' unpaid portion of the penalty claim that was
avoided under 724(a) as the homestead remains liable for tax penalties.
The subject taxes meet the 3 year, 2 year, and 240 day rules.
Are the unpaid tax penalties discharged or is the Debtor still liable to
the IRS for these penalties?Any thoughts would be appreciated. Thank you!
Christian T. Kim
Dumas & Associates
3435 Wilshire Boulevard, Suite 990
Los Angeles, CA 90010
(p) 213-368-5000
(f) 213-368-5009
ckim@dumas-law.com
www.dumas-law.com
NOTICE: This communication is intended for the use of the individual or
entity to which it is addressed and may contain attorney/client information
that is privileged, confidential and exempt from disclosure under
applicable law. If the reader of this communication is not the intended
recipient or the employee or agent responsible for delivering this
communication to the intended recipient, you are hereby notified that any
dissemination, distribution or copying of this communication is strictly
prohibited. If you have received this communication in error, please notify
us immediately by reply email or by telephone and immediately delete this
communication and all its attachments.
IRS records tax lien against real property of which approximately one-third is for tax penalties. Debtor files bankruptcy and Chapter 7 trustee sells real property and pays IRS for non-penalty portion of IRS claim as a secured claim. Chapter 7 trustee avoids tax penalty portion of lien under Bankruptcy Code section 724(a) and preserves the amount of the tax penalty for the benefit of the estate to pay for administrative expenses and the one other unsecured claimant. The Debtor claims a $100,000 homestead, for which, he was paid a portion after the estate is paid for the avoided tax penalty lien through the sale. Not long after the sale, the Debtor receives a discharge. The administrative expenses of the estate and the other claim later take a portion of the IRS penalty claim that was avoided and preserved for the benefit of the estate. IRS claims that Debtor remains liable for the IRS' unpaid portion of the penalty claim that was avoided under 724(a) as the homestead remains liable for tax penalties. The subject taxes meet the 3 year, 2 year, and 240 day rules.
Are the unpaid tax penalties discharged or is the Debtor still liable to the IRS for these penalties?Any thoughts would be appreciated. Thank you!-- Christian T. KimDumas & Associates
3435 Wilshire Boulevard, Suite 990Los Angeles, CA 90010(p) 213-368-5000(f) 213-368-5009ckim@dumas-law.commas-law.com
NOTICE: This communication is intended for the use of the individual or entity to which it is addressed and may contain attorney/client information that is privileged, confidential and exempt from disclosure under applicable law. If the reader of this communication is not the intended recipient or the employee or agent responsible for delivering this communication to the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. If you have received this communication in error, please notify us immediately by reply email or by telephone and immediately delete this communication and all its attachments.
The post was migrated from Yahoo.