Laws, Regulations & Annotations
Business Taxes Law Guide – Revision 2014
Sales and Use Tax Annotations
320.0000 INTEREST AND PENALTIES—Regulation 1703
320.0045 Bankruptcy Setoffs. The Bankruptcy Code does not permit setoffs of post petition debts on pre-petition claims because of the absence of the mutuality of the debts required by section 553(a) of the code. The pre-petition debt relates to the debtor while the post-petition debt relates to the bankrupt estate. 1/7/91.