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Tax Court Case May Limit Debtor Options To Fix Tax Liability

Law360 (May 31, 2019, 1:17 PM EDT) -- If a tax is nondischargeable, an understated IRS claim for that tax can have a devastating impact on an individual debtor’s financial well-being post-bankruptcy. This is because Title 11 Section 523(a)(1)(A) of the Bankruptcy Code provides that nondischargeable IRS claims can be collected by the IRS post-petition “whether or not a claim for such tax was filed or allowed.”

If the IRS’ claim is understated, a person’s unpaid tax liabilities will generally be collectible by the IRS even if all of the individual’s available assets were used in the bankruptcy to pay other, lower-priority debts. As a result, an unfiled or...

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