tax debts
Posted: Tue Jan 08, 2008 11:38 am
1. The 2003 Taxes would be dischargeable now (provided there have been no
assessments during the last 240 days and the 2003 tax returns were filed
more than 2 years ago).
2. The 2004 taxes would first be dischargeable on April 16, 2008 provided
the above and the Debtor did not take an extension. If an extension were
take on 2004, the taxes would not be dischargeable until after the extension
period (greater than 3 years from when the taxes were first due).
3. The 2005 taxes will not be dischargeable until April 16, 2009 (plus the
analysis in item #2 above).
A word to the wise, pull the transcripts for all three years and determine
the 2 year, 3 years and 240 day rules were properly met.
Hank Toles
PS: Hale Antico send out a good chart of how this works several months ago.
You may want to look it up on Yahoo Groups.
Henry M. Toles, J.D., M.B.A.
Henry M. Toles, A Law Corporation
11746 Goshen Avenue, No. 1
Los Angeles, California 90049-6113
Telephone: (310) 479-1400
Facsimile: (310) 575-0343
E-Mail: hmt@toles.org
Member National Association of Consumer Bankruptcy Attorneys (NACBA)
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problems, including, where appropriate, assisting them with the filing
of petitions for relief under the United States Bankruptcy Code.
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nicklambajian
Sent: Tuesday, January 08, 2008 09:56
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] tax debts
Potential client has the following scenario:
IRS Tax debt 2003 = 6500.00
Tax Debt 2004 = 11,500.00
Tax debt 2005 = 1500.00
He entered into a payment arrangement for all delinquent years at a
rate of $362.00/month as of August 2006. He now was hit with a
judgment for $20,000.00 in a civil matter plus he has about $3000.00
credit card debt.
Question:
How much,if any, of the tax debt can he get rid of in Chap. 7?
Thanks.
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