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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2815
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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if owner of all the capital shares of an S corp has their 2008

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if owner of all the capital shares of an S corp has their 2008 tax return audited and additional tax is owed and the shareholder puts the S corp into a 7 (corp has no assets) will the tax liability follow shareholder personally?

Terry L. :

Hi and thank you for your question. In the future, you can request me to answer any further questions.

Terry L. :

The taxes will survive, they are not dischargeable in a chapter 7 case.

Terry L. :

Only income tax that is at minimum 3 years old, filed more than 2 years before the bankruptcy, and not assessed in the 240 days before would be dischargeable.

Terry L. :

Sorry, good luck.

Terry L. :

best to try an offer in compromise or repayment plan with the taxing agency.

JACUSTOMER-qk30ewcc- :

Thx.....appreciate the info.

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