Laws, Regulations & Annotations

Business Taxes Law Guide – Revision 2014
 

Sales and Use Tax Annotations


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C

170.0000 COLLECTION OF TAX BY BOARD

Annotation 170.0295

(a) IN GENERAL

170.0295 Bankruptcy Automatic Stay—Merged Corporation. Corporation A merged into Corporation B pursuant to a statutory merger, but did not notify the Board of the merger. Subsequently, Corporation B filed bankruptcy. The Board may not issue a determination or take collection action against Corporation B for the liabilities of Corporation A which has merged into Corporation B.

In a statutory merger, the surviving corporation succeeds to all the assets and liabilities of the disappearing corporation. Thus, a bankruptcy stay applies to the operations and liabilities of Corporation A as the disappearing corporation of the merger. Any liability should be collected through the proofs of claims filed in the bankruptcy action. 1/10/96.