Getting Rid Of Tax Debts In Bankruptcy: Difference between revisions

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Revision as of 15:28, 2 September 2026

Leave it to lawyers and the government to not be able to give a straight answer to this mystery! Unfortunately, in order to be eligible to wipe out a tax debt, tend to be five criteria that should be satisfied.

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Another angle to consider: suppose business takes a loss for the year just passed. As a C Corp it takes no tax on the loss, however there likewise no flow-through to the shareholders it seems an S Corp. Losing will not help private tax return at all. A loss from an S Corp will reduce taxable income, provided there is other taxable income to scale back. If not, then an incredibly real no income tax due.

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