IRS Gets Priority Claim For Year Of Insurer's Bankruptcy Filing

Law360 (July 27, 2020, 4:21 PM EDT) -- A Delaware federal court on Monday overturned a bankruptcy court's decision denying a priority claim to the Internal Revenue Service for a car insurance company's corporate income taxes, finding that the tax was incurred after the insurer filed for bankruptcy.

The IRS' $857,000 claim for tax debts of Affirmative Insurance Holdings Inc. that came due in the year the company filed its bankruptcy petition should be given priority status because under the Internal Revenue Code the tax debts accrued at the end of the year, after the petition was filed, U.S. District Judge Richard G. Andrews said in the opinion. The...

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