Bankruptcy Sale Does Not Obviate Chapter 91 Compliance

Law360, New York (August 23, 2017, 11:46 AM EDT) -- In another in a series of defeats for taxpayers under N.J.S.A. 54:4-34 (aka Chapter 91), the Tax Court of New Jersey in 975 Holdings LLC v. City of Egg Harbor recently extended Chapter 91’s dismissal provisions to properties purchased through a bankruptcy asset sale pursuant to 11 U.S.C. § 363(f).

The plaintiff, 975 Holdings, purchased the subject property in a § 363(f) bankruptcy asset sale. Prior to the sale, the bankrupt debtor, acting as a debtor-in-possession, failed to respond to the assessor’s request for income and expense information pursuant to N.J.S.A. 54:4-34, known as a Chapter 91 request.[1]

Chapter 91 requires...

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