Electing to divide bankruptcy year can save tax
Article Abstract:
The Tax Court held in the 1995 'In re Johnson' case that the full tax liability for the year a couple applied for bankruptcy was a non-dischargeable personal liability because they failed to elect to divide the year into two short tax years. In addition, the couple is required to pay the tax before they can get confirmation of their plan. The taxpayers filed a voluntary bankruptcy application on Sep. 30, 1992 but did not elect to provide their 1992 tax year into a pre-petition year and a post-petition year according to Sec. 1398(d)(2)(A). If they had done so, the first short year would have ended on Sep. 29, 1992 and the tax liability for this year would have been the responsibility of the bankrupt estate. The second short year, on the other hand, would have been a personal obligation. As a result of their failure, their 1992 tax year ended after the bankruptcy petition. Thus, their tax liability cannot be deemed the obligation of the estate.
Publication Name: Taxation for Accountants
Subject: Business
ISSN: 0040-0165
Year: 1996
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Showing Industry How to Save Energy
Article Abstract:
Foxboro Company manufactures process management and control system integrated computers into the product to meet the needs of energy management. Energy management emerged as a media campaign. The intial advertising medium chosen was trade publications. The ad was designed not to sell the energy management system, but to communicate about Foxboro and Foxboro's capabilities. The ads acknowledged the intelligence of the reader.
Publication Name: Marketing & Media Decisions
Subject: Business
ISSN: 0195-4296
Year: 1984
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Gasco Energy, Inc. (GASE)
Article Abstract:
The operations and management of Gasco Energy Inc of Englewood, CO, are described in detail by president and CEO Mark A. Erickson. Oil and gas exploration is the company's major focucs.
Publication Name: The Wall Street Transcript
Subject: Business
ISSN: 0043-0102
Year: 2001
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