Same is true in the states. The IRS has BK agents who will oversee the case and it would NOT be approved if there were any issues. If Eugene wants to take advantage of any NOL's then the returns must be filed for him to do so. I worked for the IRS for 6 years and if you are due a refund as an individual, we would rather you not file the return as you lose the refund after three years.
For a corporation however, there is a $100 penalty if the 1120 is not filed which has either been waived under "reasonable cause" abatement due to the bankruptcy, or has been paid to the IRS BK agent in charge of the case and applied to the tax years as a credit awaiting the returns to be filed.
Now I don't know of any revenues created since the last return that would not result in a net loss on the returns that would have been filed, but I may be wrong in which case the return would have to be filed and NOL's applied.
Fabulous call by many on the .007 low. This is starting to get fun & easy as long as we play along with the MM's.
GLTA
GO MMTE :)
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