Electing to Close the Tax Year in Bankruptcy

Date
2010-06-11
Authors
Harl, Neil
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Iowa State University Digital Repository
Abstract

The economic downturn in the past couple of years coupled with low commodity prices for milk, hogs and a few other commodities has focused attention on appropriate strategies if the decision is made to file bankruptcy.1 Among those strategies, and one of the most important, is the decision to elect to close an individual debtor’s tax year if the filing is under Chapter 7 liquidation or Chapter 11 reorganization.2 The election opportunity does not apply to those filing under other chapters of the Bankruptcy Code (Chapters 9, 12 or13) nor does it apply to partnerships, corporations and other types of entities as debtors regardless of the chapter under which the filing occurs.3

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