10th Circ. Says Feds' Tax Suit Trumps State Time Limits

Law360, New York (August 26, 2013, 10:23 PM EDT) -- The Tenth Circuit on Friday affirmed a lower court ruling that a sole shareholder of a Colorado company was liable for tax debts of the corporation, saying that the federal government's suit was not barred by the state’s statute of limitations for collection on fraudulent transfers.

In a 2-1 opinion, the appeals court affirmed the U.S. District Court for the District of Colorado’s decision that under Colorado law, James F. Holmes was liable for the tax debt of Colorado Gas Compression Inc. as a transferee of...
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