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IN RE IML FREIGHT, INC.

Bankruptcy Nos. 83C-01950 to 83C-01952, Civ. No. 83PC-3254.

65 B.R. 788 (1986)

In re IML FREIGHT, INC., a Utah Corporation, Debtor. In re INTERSTATE RENTAL OF UTAH, INC., a Utah Corporation, Debtor. In re IML PROPERTIES, INC., a Utah Corporation, Debtor. TRADEX, INC., Plaintiff, v. The UNITED STATES of America, Defendant.

United States Bankruptcy Court, D. Utah.

August 22, 1986.

Attorney(s) appearing for the Case

Peter W. Billings, Jr. and Douglas L. Furth, Fabian & Clendenin, Salt Lake City, Utah, for Robert K. Morrow, Inc., Chapter 7 Trustee for Tradex, Inc. and Agent and Attorney-in-Fact for the Trustee of IML Freight, Inc., Interstate Rental of Utah, Inc., and IML Properties, Inc.

Robert D. Merrill, Van Cott, Bagley, Cornwall & McCarthy, Salt Lake City, Utah, for Main Hurdman, Trustee for IML Freight, Inc., Interstate Rental of Utah, Inc., and IML Properties, Inc.

Brent D. Ward and Barbara Richman, U.S. Attys., Salt Lake City, Utah, and Glen R. Dawson, Tax Div., U.S. Dept. of Justice, Washington, D.C., for U.S.

GLEN E. CLARK, Bankruptcy Judge.

CASE SUMMARY

In this case the Court is called upon to determine whether or not, under the facts set out below, the United States may set off a $103,404.58 tax penalty against its prepetition obligation to the debtor. For the reasons set forth herein this Court concludes that setoff is proper.

PRELIMINARY FACTS AND PROCEDURAL BACKGROUND

On December 23, 1983, Tradex, Inc. ("Tradex") commenced this civil proceeding...

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