Do I need to pay business personal property tax if I filed for Chapter 7 a year after the business closed?

If so is what is the statute of limitation for county to collect?

Asked on August 21, 2013 under Bankruptcy Law, Georgia

Answers:

Terence Fenelon / Law Offices of Terence Fenelon

Answered 7 years ago | Contributor

Most taxes are non-dischargeable under 11 USC sec. 503 of the bankruptcy code.  The statute depends upon when the taxes were assessed and when the bankrupptcy case was filled.  Taxes, if filed in a timely manner, are usually non-dischargeable for 3 years after the date of assessment or two years after assessment if the taxes were filed in un timely manner.

In many cases, taxes attributable to an a business can become the personal liablity of the controlling person of the business in the event of the liquidation of a business.  The responsible party is usually the owner of a small business

 


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