Legal Opinion

In Re Green

United States Bankruptcy Court, C.D. Illinois

Decided June 8, 1995No. 19-70151PublishedCited by 1 opinion

1Opinion of the Court

OPINION

WILLIAM V. ALTENBERGER, Chief Judge.

Agri-Tech Farms is a partnership consisting of Wallace LeRoy Green, Kenneth L. Green, and Forrest L. Green. On May 13, 1994, the partnership and all three partners filed separate Chapter 11 cases in bankruptcy. In 1994 the fanning operations of the partnership generated post petition taxable income which requires the individual partners to pay federal and state income taxes totaling $150,021.00. The problem arises out of the fact the partnership has the cash to pay the taxes, but is not a taxable entity, while the individual partners have the…

2Cases cited10 opinions

Norwest Bank Worthington v. AhlersSupreme Court of the United States · 1988
North Penn Transfer, Inc. v. Victaulic Co. of AmericaDistrict Court, E.D. Pennsylvania · 1994
Gordon E. Gouveia, Trustee in Bankruptcy for Kathleen Sue Hiles v. Barbara TazbirCourt of Appeals for the Seventh Circuit · 1994
In the Matter of Faye W. LLOYD, Debtor-AppellantCourt of Appeals for the Seventh Circuit · 1994
In Re First Truck Lines, Inc., Debtor. United States of America v. Thomas R. Noland, TrusteeCourt of Appeals for the First Circuit · 1995

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3Cited by1 opinion

Kiesner v. Internal Revenue Service (In Re Kiesner)United States Bankruptcy Court, E.D. Wisconsin · 1996