Who Controls Tax Status? S-Corps., QSubs and Bankruptcy.

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The Third Circuit has ruled that a bankruptcy court cannot not restrain shareholders of an S-Corp. from altering the tax status of an S-Corp. or QSub that is the debtor in a bankruptcy case. The rationale, which appears very solid, is that tax status as a pass-through entity is not property of the bankruptcy estate.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© James R. Malone, Jr., MALONE LLC | Attorney Advertising

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