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It was rumored that a friend had a $1.5million tax bill on options he had exercised. He apparently held onto his shares riding them down to about about $300K o
by testfoobar 7y ago
It was rumored that a friend had a $1.5million tax bill on options he had exercised. He apparently held onto his shares riding them down to about about $300K or so in value.
Not sure how he resolved it (whether he negotiated his tax bill down with the IRS or came up with a payment plan).
- RantyDave 7y agoIsn't this what bankruptcy is for?
- chrshawkes 7y agoCan't file for bankruptcy for taxes due. Nor legal liability (ex. Auto Accident liabilities)
- mercutio2 7y agoYou can’t file for bankruptcy within three years of the tax becoming due, but after that, you can have federal income tax obligations discharged in bankruptcy. Unrelated to bankruptcy, ou can also file for an offer in compromise, which collapsing option values or an excellent candidate for.