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Changing Your Business or Getting Out of Business Bankruptcy proceedings begin with the filing of a petition with thebankruptcy court. The filing of the petition creates a bankruptcy estate, which generallyconsists of all the assets of the person filing the bankruptcy petition. A separatetaxable entity is created if the bankruptcy petition is filed by an individual underchapter 7 or chapter 11 of the Bankruptcy Code. The tax obligations of the person filing a bankruptcy petition (thedebtor) vary depending on the bankruptcy chapter under which the petition was filed. Hoteles en BerlinYou should seek competent professional advice. If you are involved in an ongoing bankruptcy proceeding, contactyour local IRS office (1-800-829-1040). While the bankruptcy proceeding may not eliminate your taxdebt, it will temporarily stop IRS enforcement action to collect a debt related to thebankruptcy. Partnerships andCorporations Important References Publication 908Bankruptcy Tax Guide |
