BARRY MUKAMAL WINS FIRST ROUND!
In a recent Order Denying Motion to Dismiss, United States Bankruptcy Judge Robert A. Mark upheld the right of Barry E. Mukamal, Chapter 7 Trustee in his case against Donald Jerome Kipnis and Analia Kipnis to lengthen the time a trustee can pursue avoidance transfers. The court ruled that the trustee can “step into the shoes of the IRS to pursue avoidance actions that the IRS outside of bankruptcy could have timely pursued on the petition date” and take advantage of the ten-year collectionperiod without being bound by state statutes.
Mukamal is the trustee for the bankruptcy estate of Donald Jerome Kipnis, former 505 owner of Miller & Solomon General Contractors. In March 2005, the Debtor was informed by the IRS of tax deficiencies for tax years 2000 from 2001 aggregating $1 million due to disallowed tax losses generated from custom adjustable rate debt structure (CARDS) transactions. The taxes remain unpaid.
Prior to his marriage to Analia Kipnis, the Debtor entered into a Premarital Settlement agreement on July 5, 2005 wherein he transferred title to a luxury Miami condominium to Analia for no consideration. In 2014, Donald Kipnis filed for bankruptcy. Mukumal is seeking to recover the value of the condo under 11 U.S.C. Sec. 550(a) — “stepping into the shoes of the IRS.”
