The IRS balked at Klausner Lumber One LLC’s proposed Chapter 11 liquidation plan, saying the bankrupt company owes at least $60,600 in taxes and hasn’t filed all of its federal returns.
The government cannot determine exactly how much the Live Oak, Fla.-based lumber company still owes in taxes because Klausner didn’t file several withholding forms in 2012, U.S. Attorney David C. Weiss, representing the Internal Revenue Service, said in a court filing Thursday.
The IRS also objected to a settlement in the proposed plan, saying Klausner is “attempting to settle the unknown claims of unknown creditors without providing adequate notice.” ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.