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IN RE KARE KEMICAL, INC.

No. 90-5134.

935 F.2d 243 (1991)

In re KARE KEMICAL, INC., Debtor. UNITED STATES of America, Plaintiff-Appellant, v. KARE KEMICAL, INC., Defendant-Appellee.

United States Court of Appeals, Eleventh Circuit.

July 10, 1991.

Attorney(s) appearing for the Case

Jose F. De Leon, Trial Atty., Gary R. Allen, Chief, Appellate Section, Dept. of Justice, Tax Div., Linda E. Mosakowski, Gary D. Drake, Howard M. Soloman, Washington, D.C., for plaintiff-appellant.

Robert E. Venney, Miami, Fla., for defendant-appellee.

Before HATCHETT and EDMONDSON, Circuit Judges, and PECKHAM, Senior District Judge.

HATCHETT, Circuit Judge:

In this Chapter 11 liquidation proceeding, the Internal Revenue Service (IRS) assessed against the debtor, Kare Kemical, $89,661 in unpaid employment taxes (trust fund taxes), $2,791 in interest, and $20,437 in penalties. The sale of Kare Kemical's assets produced a $200,000 gross estate for distribution to creditors, of which Kare Kemical received $90,038.

With only $90,038 to pay its tax debt, Kare Kemical sought approval of a liquidation...

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