Association dissolution liability: members remain jointly and severally liable for tax and penalties after discontinuance. Section 321 requires assessment of an association's total income as if discontinuance or dissolution had not occurred, with all Act provisions, including penalty and other sums, applying to that assessment. It permits imposition of penalties where the association is found guilty of specified offences and imposes joint and several liability on members and their legal representatives for tax, penalties and other sums. Ongoing proceedings may continue against those persons from the stage they stood at discontinuance or dissolution.
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.
Association dissolution liability: members remain jointly and severally liable for tax and penalties after discontinuance.
Section 321 requires assessment of an association's total income as if discontinuance or dissolution had not occurred, with all Act provisions, including penalty and other sums, applying to that assessment. It permits imposition of penalties where the association is found guilty of specified offences and imposes joint and several liability on members and their legal representatives for tax, penalties and other sums. Ongoing proceedings may continue against those persons from the stage they stood at discontinuance or dissolution.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
