Case: Wrongful Levy Case for Music Royalties Timely (6th Cir.) (IRC §6331)

Royalties remitted to the IRS in 2016 by a third party were not fixed and determinable in 2012 when the IRS issued the notice to levy, the Sixth Circuit Court of Appeals held in taxpayer’s wrongful levy case. Accordingly, the court determined that the statute of limitations had not run on taxpayer’s wrongful levy case, and the court reversed and remanded the decision of the district court for further proceedings. In addressing the issue of when an existing contractual obligation to pay a taxpayer in the future is sufficiently fixed and determinable such that a levy can attach to that ...