Art Center Inc Art Center of Tucson

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“No documents available to the public.”

“On November 30, 2020, debtor, Art Center, Inc., dba Southwest University of Visual Arts, filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code, District of Arizona in Tucson, Arizona (Case No. 4:20-bk-12891-BMW). Thereafter, the case was converted to Chapter 7 and Stanley J. Kartchner was appointed as Chapter 7 Trustee to administer the affairs of the bankruptcy estate. The accompanying returns are the final returns that the Trustee will be filing for the debtors bankruptcy estate. The Debtors business has terminated and ceased operations. In connection with the Debtors insolvency, many accounting records were not adequately maintained and/or were not provided to the Trustee. The Debtor is out of business and has no remaining employees. Sufficient historical records and information necessary to provide a complete and accurate accounting are not readily available and cannot be reconstructed. Consequently, no assurance can be provided by either the tax preparer or the Trustee that this return accurately reflects all transactions of the taxpayer(s) and the related tax liability, if any. To the extent, however, that accounting transactions, records and other information were available or could be reconstructed, such information has been included herein and used as the basis for computation of the taxpayers income tax liability, if any. The accompanying tax returns are not supported by audited financial statements as the Debtor was in bankruptcy and an audit was not performed and the financial statements for the prior year 2019 were not audited and the tax return was not prepared and filed by the Debtor. The Debtor did not file all required payroll tax returns for 2020 and it is uncertain how many employees that the Debtor had during 2020, but no employees were employed during the Trustees administration of the case. This is the first and final return that the Trustee will be filing for the bankruptcy estate. During 2020, the Debtors estate collected $483,895 in program services revenue and $1,000,000 from the accrued non-taxable recovery of prepetition avoidable transfers of estate funds, closure and turnover of estate funds and other bankruptcy estate assets, and the Trustee has accrued disbursements of $88,000 for employee compensation, $6566 in insurance, $1346 in communication expenses, and the remaining fund balance of $1,387,983 was disbursed to pay administrative fees, costs and expenses of the Debtors estate and unsecured non-priority creditor claims of the Debtors estate. After offset by the administrative fees, costs and expenses of the estate and claims, there was no net income to the Debtors estate. No assets remain to be administered by the Trustee and all collections and distributions by the Trustee have been accrued and deemed to have been made during 2020. Any remaining assets of the Debtors estate are deemed to have been abandoned upon or prior to the closing of the case.”