Bankruptcy - Discharge of Taxes - No Discharge of Stale Taxes in Bankruptcy When Taxpayer Has Consented to Extension of Statute of Limitations on Assessment and Internal Revenue Service Has Not Issued a Statutory Notice of Deficiency - In re Indian Lake Estates, 428 F.2d 319 (5th Cir.) cert. denied sub nom. Stewart v. United States, 400 U.S. 964 (1970)

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Jackson, Harvey
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1971
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FIRST PARAGRAPH(S)|The legal and financial affairs of the Indian Lake Estates Corporation have commanded much judicial attention in recent years. But no decision involving this corporation's affairs will have a more far reaching effect than that of the United States Court of Appeals for the Fifth Circuit in In re Indian Lake Estates. |The 1966 amendments to the Bankruptcy Act provided that taxes which are legally due and owing for more than three years will be discharged in bankruptcy unless the tax liability falls within one of five exceptions. The Fifth Circuit, in Indian Lake Estates, faced the question of whether taxes which are legally due and owing for more than eight years fall within one of these exception when the taxpayer has given written consent to the extension of the three year period for assessment. By its affirmative determination the Fifth Circuit has adopted an interpretation which in the view of one commentator will "vitiate the Amendment entirely."...
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4 Creighton L. Rev. 349 (1970-1971)
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Creighton University School of Law
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