Time to pay – Former shareholders liable in land sale
$225.00
Description
Abstract: The U.S. Tax Court has ruled that shareholders in a C corporation who had transferred all of the corporation’s cash to a third party, without paying corporate taxes on a land sale, were liable for the unpaid taxes. That may sound like an entirely negative result. But, as this article explains, applicable state law mitigated the severity of their liability. Stuart v. Commissioner, 144 T.C. No. 12 (2015)
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