Bryan Camp has published an article on the TaxProf Blog, titled “Lesson From The Tax Court: For Whom The Bankruptcy Tolls”, which discusses Dave Andrew Lufkin Sr., v. Commissioner and Marc. S. Barnes and Anne M. Barnes v. Commissioner. The article begins as follows:
Most tax practitioners are vaguely aware of bankruptcy law. Today we learn something more.
Bankruptcy can have significant benefits for taxpayers. First, it can stop IRS collection action. Second, it can shake off a tax liability sooner than the 10 year time period Congress gives the IRS to collect. Third, it can be a pre-payment forum, an alternative to the Tax Court, where the taxpayer can contest an un-assessed liability.
Click here to see the full article: “Lesson From The Tax Court: For Whom The Bankruptcy Tolls”.
Posted by Bella Hoang, Managing Associate Editor, Wealth Strategies Journal.