Tax priority on property secures government claims as a first charge, subject to insolvency law exceptions. Amounts payable by a taxable person for tax, interest or penalty constitute a first charge on that person's property, prevailing over contrary laws except insofar as the Insolvency and Bankruptcy Code provides otherwise, thereby creating a statutory priority securing government tax claims against the taxpayer's assets.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Tax priority on property secures government claims as a first charge, subject to insolvency law exceptions.
Amounts payable by a taxable person for tax, interest or penalty constitute a first charge on that person's property, prevailing over contrary laws except insofar as the Insolvency and Bankruptcy Code provides otherwise, thereby creating a statutory priority securing government tax claims against the taxpayer's assets.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.