IRS Asks People's Choice To Nail Down Tax Issues

Law360, New York (March 28, 2008, 12:00 AM EDT) -- The U.S. Internal Revenue Service objected to People's Choice Home Loan Inc.'s Chapter 11 liquidation plan on Friday, saying the bankrupt mortgage lender needed to be clearer about when the plan would become effective and when it would pay its taxes.

In an objection filed in the U.S. District Court for the Central District of California, the IRS targeted language in the company's disclosure statement that said the plan would become effective when the court approved it and when “all other actions ... necessary to implement...
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