- 14 - filed within the time prescribed under 11 U.S.C. 507(a)(8). Section 507(a) of the Bankruptcy Code establishes a priority for claims; section 507(a)(8) provides, in pertinent part, as follows: (8) Eighth, allowed unsecured claims of governmental units, only to the extent that such claims are for-- (A) a tax on or measured by income or gross receipts-- (i) for a taxable year ending on or before the date of the filing of the petition for which a return, if required, is last due, including extensions, after three years before the date of the filing of the petition; (ii) assessed within 240 days, plus any time plus 30 days during which an offer in compromise with respect to such tax that was made within 240 days after such assessment was pending, before the date of filing the petition; or (iii) other than a tax of a kind specified under section 523(a)(1)(B) or 523(a)(1)(C) of this title, not assessed before, but assessable, under applicable law or by agreement, after, the commencement of the case; Thus, according to petitioner, respondent’s claims for petitioner’s income taxes are valid only if a tax return was due within 3 years of the filing of the petition with the bankruptcy court, or the tax was assessed within 240 days before the filing of the petition with the bankruptcy court.Page: Previous 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Next
Last modified: May 25, 2011