Hi all,
Tax code 6012 (b)(3) states that a corporation in receivership has to file a tax return. Further, Regulation 1.468B-2 states that the tax is levied on modified gross income, at the highest corporate rate. Does that sound right to you? In our case, the corporation is an S-corporation. Who would pay the tax?
Regards,
jdemellocpa
Tax code 6012 (b)(3) states that a corporation in receivership has to file a tax return. Further, Regulation 1.468B-2 states that the tax is levied on modified gross income, at the highest corporate rate. Does that sound right to you? In our case, the corporation is an S-corporation. Who would pay the tax?
Regards,
jdemellocpa