Dissolved firm assessment continues, preserving income assessment, penalties, partner liability, and pending proceedings despite dissolution or business discontinuance. Section 330 requires a dissolved firm's total income to be assessed as if dissolution or discontinuance had not occurred, with provisions on penalties and ... Summary
Dissolved firm assessment continues, preserving income assessment, penalties, partner liability, and pending proceedings despite dissolution or business discontinuance.
Section 330 requires a dissolved firm's total income to be assessed as if dissolution or discontinuance had not occurred, with provisions on penalties and other sums continuing to apply. Partners at the relevant time, and legal representatives of deceased partners, bear joint and several liability for tax, penalties, and other sums. Proceedings already commenced may continue against them from their existing stage, while the provision preserves the operation of section 302(4).
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
