Legal Question in Bankruptcy in Tennessee
Does businesss bankruptcy take care of sales tax and the IRS
We are looking at purchasing some real estate and the current business in the building is a bar. They owe the IRS about $100k and the State of TN about $90k in back taxes. They also owe a lot of creditors. If they file bankruptcy for the business are they still going to have to pay the Sales tax and IRS payments.
Asked on 4/13/05, 10:44 am
1 Answer from Attorneys
Autry Jones
Jones & Landers, Attorneys At Law
Re: Does businesss bankruptcy take care of sales tax and the IRS
Yes. Taxes owed to the IRS and State taxes are nondischargable debts.
Answered on 4/13/05, 9:02 pm
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