By Lawrence R. Ahern III, Brown & Ahern (Nashville, TN)
Introduction
In Copley v. United States,1 Chapter 7 debtors attempted to exempt under Virginia law their right to a prepetition federal income tax overpayment refund. After the bankruptcy filing, the IRS set off the overpaid funds to satisfy the debtors' tax liabilities under 26 U.S.C. § 6402. In a matter of apparent first impression, the Fourth Circuit held that the exempt status of the refund did not prevent the IRS from applying the amount of . . .
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