IRS Asserts First Dibs On FTX Bankruptcy Payout To Recover $44 Billion In Taxes
11 Mai 2023 - 5:40PM
NEWSBTC
The US Internal Revenue Service (IRS) has filed tax claims in the
FTX bankruptcy as the defunct exchange’s creditors seek fund
reimbursement. This recent report shows the IRS filed dues of
$44 billion in taxes associated with FTX and its subsidiaries. The
disclosure revealed the agency filed the tax bill under
administrative claims, prioritizing them over the creditors’ claims
in the bankruptcy case. Will Court Prioritize IRS Claims Over
Creditors? A filing by the IRS claiming billions of dollars in tax
owed by Alameda Research has been circulating online. The filing
shows the IRS is claiming over $20.4 billion in unpaid partnership
and payroll taxes from Alameda Research alone under administrative
priority. Related Reading: Bitcoin Price Blasts Above $28,000
Following 4.9% April CPI Report The IRS filed 45 claims worth $44
billion in unpaid taxes from the now-bankrupt FTX exchange and its
sister companies. However, the tax filing category under
administrative priority has drawn more attention than the amount
after circulating the Internet. A section of the US Bankruptcy Code
states that claims under administrative expenses receive priority
distribution. That means administrative claims have the highest
priority among creditor claims in a bankruptcy case. The IRS
tax bill under administrative claims means the court will likely
consider them during funds distribution before other unsecured FTX
creditors. However, the dispute is still in motion, and the court
is yet to determine how the filing affects the situation.
Nonetheless, the current situation sparked people’s curiosity. A
partner at General Catalyst, Nick Van Eck, is curious about how to
calculate the amount and where the funds will come from. But
while reactions across the internet continue to emerge, the IRS
remained silent without providing any details regarding the
matter. FTX Closer To Repaying Creditors, Mulls Reopening
Plans This development came after the news that FTX recovered $7.3
billion in assets, which was revealed by lawyers in an April 12
hearing at the Delaware bankruptcy court. FTT remains bearish l
Source: Tradingview.comFurther investigations into the bankrupt
exchange’s assets are still ongoing. However, the legal team
disclosed that FTX may resume operations in Q2 of 2024. Related
Reading: Bitcoin Funding Rates On BitMEX Turn Deep Red, Here’s Why
This Is Bullish Meanwhile, the exchange’s former CEO, Sam
Bankman-Fried, remains entrapped in webs of criminal charges by US
prosecutors. His legal team has been working hard to save
him. In a recent court hearing, SBF’s lawyers asked the
federal judge to waive the criminal charges, saying the case was
more of a civil issue. The legal team also accused FTX lawyers of
helping the prosecutors. Featured image from Pexels, chart from
Tradingview.com
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