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Fritz
Fritz, Attorney
Category: Bankruptcy Law
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Experience:  Florida attorney with extensive experience in Chapter 7 and Chapter 13 consumer bankruptcy cases
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So I filed my Chapter 11 in Nov/2011 and the plan was confirmed

Resolved Question:

So I filed my Chapter 11 in Nov/2011 and the plan was confirmed in Feb/2012 and closed in Apr/2012.

I filed a 2011 Form 1041 for the bankruptcy estate, for the Nov/Dec 2011 income, but for 2012, up to what point do I need to include the income for the 2012 Form 1041?? Up to the point the plan was confirmed and I no longer needed to be a debtor in possession?? Or up until the court closed the case??
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  Fran-mod replied 1 year ago.
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Customer: replied 1 year ago.
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Expert:  Fran-mod replied 1 year ago.
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Expert:  Fritz replied 1 year ago.

Hi, I'd like to assist you with your bankruptcy questions today.

 

Was this an individual Chapter 11, or was the case filed in the name of your business?

Expert:  Fritz replied 1 year ago.

You would likely want to file (or have the Trustee file, if possible) a 2012 tax return for the bankruptcy estate through the date the case was closed in April 2012.

 

For more specific details as to how you'd actually go about preparing such a return, please see IRS Publication 908 - Bankruptcy Tax Guide, here: http://www.irs.gov/pub/irs-pdf/p908.pdf. Please let me know if you have any additional questions. Thanks.

Customer: replied 1 year ago.

My husband and I filed a joint Chapter 11 for individuals.


 


So even though the plan was confirmed and I no longer needed debtor and possession accounts in Feb/2012, I would want to file the 2012 Form 1041 for income through April/2012 when the case was closed??


 


Thanks for your help!!!


Lisa

Expert:  Fritz replied 1 year ago.

Yes, I believe that would be correct. The bankruptcy estate is technically still open (and the assets still subject to administration) until the case is closed.

 

Also note that per IRS Publication 908, linked above:

"Although a husband and wife may file a joint bankruptcy petition whose bankruptcy estates are jointly administered, the estates are be treated as two separate entities for tax purposes. Two separate bankruptcy estate income tax re-turns must be filed (if each spouse separately meets the filing requirements)."

Fritz, Attorney
Category: Bankruptcy Law
Satisfied Customers: 302
Experience: Florida attorney with extensive experience in Chapter 7 and Chapter 13 consumer bankruptcy cases
Fritz and 6 other Bankruptcy Law Specialists are ready to help you
Customer: replied 1 year ago.

Thank you for all of your help!!!


 


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