PT-1 Trustee Owes Part Of $9M Tax Refund, 2nd Circ. Hears

Law360, New York (November 18, 2013, 7:39 PM EST) -- The federal government told the Second Circuit on Friday that it's entitled to recoup part of an $8.7 million tax refund paid to bankrupt PT-1 Communications Inc.'s trustee to offset a tax liability related to a settlement over the 2001 sale of PT-1's phone card business to IDT Corp.

The government's brief was filed in response to PT-1's appeal seeking to preserve a court order awarding the company's trustee the $8.7 million refund. The U.S. claims that amount should be offset against alleged unpaid taxes, penalties...
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