Brian Schmidt News Wire: Iowa Pacific subsidiary owes Texas back taxes State official: Rusk, Palestine & Pacific Railroad owes more than $250,000 dating back to October 2016 http://trn.trains.com/news/news-wire/2017/03/03-iowa-pacific-taxes
News Wire: Iowa Pacific subsidiary owes Texas back taxes
State official: Rusk, Palestine & Pacific Railroad owes more than $250,000 dating back to October 2016
http://trn.trains.com/news/news-wire/2017/03/03-iowa-pacific-taxes
That really sounds like Ellis was running a sleazy operation.
C&NW, CA&E, MILW, CGW and IC fan
Brian Schmidt, Editor, Classic Trains magazine
Having run a business in Texas I can say it sounds bad when someone states they are behind in their sales tax payments. However, Texas treats business with a velvet glove in most cases when they have no past offense, they will give Iowa Pacific generous terms on payment and will even consider a delay of payment in some cases. This is not like the Midwest where the state demands payment or forecloses / siezes stuff right away nor do you have the local Sheriff kicking down your door or threatening you.
Certainly Texas has the tougher terms as an option but rarely do they employ them as a first option against a business with a past good record unless there is cause to do so.
VIA Railroad could buy some good cars??
Again Iowa Pacific is the head lines and not for good news. Behind on their sales tax payment to the degree they can no longer be an agent for collection.
It seems the empire that Ed Ellis is imploding. The real danger is what will become of the collection of some pretty classy equipment if the company goes broke. This might be premature but iam not seeing much good news.
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