Bankrupt Ala. County To Pay $4.5M To IRS

Law360, New York (July 26, 2013, 4:48 PM ET) -- Jefferson County, Ala., has agreed to pay the Internal Revenue Service $4.5 million to resolve an agency investigation into the tax-exempt status of warrants the bankrupt county issued to finance an overhaul of its sewer system, say documents filed in bankruptcy court Wednesday.

The county revealed the settlement in motions asking U.S. Bankruptcy Judge Thomas Bennett to expedite a hearing for the deal and allow it to pay the settlement through a revenue account. Judge Bennett granted the expedited hearing request, and the proceeding will take...
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