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Post details: Corporation Could Not Contest IRS's Certificate of Redemption; Funds Tendered Untimely and Insufficient (Real Estate Equity Strategies, LLC, CA-8)
09/05/08
Corporation Could Not Contest IRS's Certificate of Redemption; Funds Tendered Untimely and Insufficient (Real Estate Equity Strategies, LLC, CA-8)
CCH (cch.taxgroup.com) reports:
A limited liability company (LLC) was not entitled to contest the IRS's certificate of redemption because it failed to tender sufficient funds within the allotted time for redemption. Assuming that the IRS's redemption was invalid, the LLC was required under state (Minnesota) law to tender the amount paid by the foreclosure sale purchaser, plus interest calculated from the date of the sale to the date of its attempted redemption and any additional costs. Since the LLC failed to include interest from the date of the sale its tender was insufficient. Therefore, the LLC forfeited its interest in the property and its related right to contest the IRS's redemption of the property.
Affirming a DC Minn. decision, 2007-1 USTC ¶50,413.
Real Estate Equity Strategies, LLC, CA-8, 2008-2 USTC ¶50,529
Other References:
Code Sec. 7425
CCH Reference - 2008FED ¶41,708.27
CCH Reference - 2008FED ¶41,708.28
Tax Research Consultant
CCH Reference - TRC IRS: 51,306
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