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Problem - Transferee Liability for Tax Deficiency of Liquidated Corporation
In 2017, Loon Corporation distributed all of its remaining assets to two equal shareholders in a complete liquidation. The two shareholders, Gloria Martinez and Roger Stinson, each received a distribution of $250,000 for their stock in Loon.
In 2019, the IRS audited Loon Corporation and assessed additional income tax of $175,000 (plus penalties and interest) against the corporation. Since Loon was defunct and without assets, the IRS then assessed the entire deficiency against Gloria Martinez, based on transferee liability. The IRS did not attempt to collect any of the deficiency from Roger Stinson.
Required - Is this an equitable solution to the collection of Loon's tax liability?
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