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income taxes. Under UFTA section 24.003(a), Associates PC is to
be regarded as insolvent after the transfer date.
Because all four elements of UFTA section 24.006(a) are
present, the transfer from Associates PC to Hanna PC is to be
treated as a fraudulent transfer, and respondent may recover its
$31,450 claim against Associates PC from Hanna PC to the extent
of $17,943. In light of our conclusion as to Hanna PC's
liability under UFTA section 24.006(a), we hold that section 6901
provides that the $17,943 amount may be assessed, paid, and
collected in the same manner as Associates PC's 1993 Federal
income taxes.
Other arguments made by the parties and not addressed herein
are without merit.
To reflect the foregoing,
Decision will be entered
under Rule 155.
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Last modified: May 25, 2011