Writing Off Beauty Supplies and Cosmetics

James Taranto speaks with the editorial page's senior economics writer Stephen Moore.

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Hi. Today, we?re going to talk about the discharging of taxes and bankruptcy again. And that?s because my good friend, Attorney Jonathan Ginsberg of Atlanta, Georgia, posted a comment on my blog for my June 12th blog post on the discharging of taxes and bankruptcy, and he made a couple of very interesting points. The first thing that he said was that liens can often survive a bankruptcy and a chapter 7. He also indicated that taxes can be discharged in a chapter 13, as well. So I?m going to address both of those points. Before I do that, I want to direct you to Jonathan?s excellent website at thebklawyer.com. It?s a really great blog. It has to do with filing of bankruptcies in general and filing of bankruptcies in Georgia, in particular. I want to encourage you to go check that out. www.thebklawyer.com. First of all, he said that liens can survive a chapter 7 sometimes in a chapter 7 bankruptcy, and he?s right. If you own real property, which is real estate, and a lien is filed while you own that real estate, then the lien attaches to the real estate. In a bankruptcy, if you have equity in that real estate, the lien is going to survive that bankruptcy most likely. Interestingly, if you don?t have equity in that property at the time of the discharge of the bankruptcy, then we can often get the IRS to release that lien because post petition property is not supposed to be subject to lien. The liens are supposed to be discharged in that scenario. Here?s what that means. If you did not have equity at the time of the bankruptcy, then the IRS is not entitled to your after acquired equity. Hopefully that makes sense to you all. #2. He also indicated that taxes can often be discharged in a chapter 13, and that?s also true. In a chapter 13, the IRS ? or actually the bankruptcy court ? uses the IRS?s financial standards to determine the debtors ability to pay. We really don?t want to be there because the IRS financial standards are really unreasonable but, in fact, taxes can b

Bankruptcy. I?ve bet you?ve heard that taxes can't be discharged in bankruptcy, haven't you? In fact, you could leave this podcast or you could leave this video that you're watching online right now, and you could Google taxes dischargeable bankruptcy. You?ll probably find some sites from bankruptcy lawyers who are just wrong. They're misguided. They're either ignorant or they're lazy. And they?ll tell you that taxes can never be dischargeable in bankruptcy. Good news for you! Nothing could be farther from the truth. In fact, the reason that bankruptcy lawyers I think are confused is because the statute is kind of confusing. There are actually two to three double negatives in each one of these sentences. I?m not going to read the statute to you verbatim because frankly, it is confusing. Let me tell you what the three basic rules for the dischargeability of taxes in bankruptcy. 1. The returns have to have been due at least three years, including extensions. 2. The returns, if filed late, have to have been filed for at least two years. 3. The taxes have to have been assessed for at least 240 days. That?s it for a chapter 7 bankruptcy; those are the three dischargeability rules. There are two other a little bit more minor rules. The fourth one is there can?t have been any fraud involved and there can't have been any willful evasion or avoidance of paying the tax. We don?t really know what that means yet. We don?t know how aggressive the IRS is going to get, but we just wanted to point that out. There is actually five rules; three of which are very important. There have been a lot of rules lately that have changed since October of 2005 which govern whether or not you're going to be eligible for a chapter 7 bankruptcy, which is a liquidation bankruptcy, but it?s really the best deal for a debtor. In a chapter 7, if you qualify, basically your debts are wiped out in most states and you're left with no debts, but you get to keep most of your assets. In Florida

John McCain continued his seven state dash to election day on the Tennessee-Virginia border where he repeated his message that he won't raise taxes but Barack Obama will. (Nov. 3)

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Barron's Economics Editor Gene Epstein talks about his article on taxes and government spending. Can the presidential candidates tame Fed spending? (Aug. 23)

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