Taking a position that even the IRS has disavowed, the Fifth Circuit Court of Appeals held that, under the hanging paragraph added to Code §523(a), which states that, “[f]or purposes of this subsection, the term ‘return’ means a return that satisfies the requirements of applicable nonbankruptcy law (including applicable filing requirements),” a late-filed return does not constitute a “return” because “applicable filing requirements” include the deadline for filing a timely return. The only exception under the hanging paragraph is a “return prepared pursuant to section 6020(a) of the Internal Revenue Code of 1986, or similar State or local law, or a written stipulation to a judgment or a final order entered by a nonbankruptcy tribunal.” This means that a debt arising under an untimely-filed federal or state tax return will never be dischargeable, unless the safe harbor provided by 26 U.S.C. §6020(a) or a similar state provision applies, because the debt will be treated as if no return was ever filed, and such a debt is nondischargeable under § 523(a)(1)(B)(i). While the case involved a state tax return, and the court’s opinion is written in that context, the language of the hanging paragraph makes no distinction between federal and state returns, and the court’s holding can not be limited on that basis.