IRS Gets Too Much Time To Go After Transferred Assets

Law360, New York (November 19, 2013, 1:53 PM EST) -- The IRS has a wide variety of tools to collect taxes but, as with most creditors, experiences problems when the debtor/taxpayer transfers assets to a third party. Section 6901 of the Internal Revenue Code provides one solution: using the normal IRS administrative processes to assess and then collect from transferees. Alternatively, the IRS can proceed directly to court without assessing the transferee and seek to set aside the transfer and treat the property transferred as still owned by the transferor (taxpayer).

A recent split decision by the Tenth Circuit, in United States v. Holmes[1], addressed this collection alternative (a "direct suit")....

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Related Sections


Government Agencies

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!