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Friday, May 8, 2020 | History

1 edition of Understanding the tax aspects of bankruptcy and workouts found in the catalog.

Understanding the tax aspects of bankruptcy and workouts

Understanding the tax aspects of bankruptcy and workouts

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  • 32 Currently reading

Published by Practising Law Institute in New York, N.Y. (810 7th Ave., New York 10019) .
Written in English

    Places:
  • United States.
    • Subjects:
    • Bankruptcy -- Taxation -- United States.,
    • Corporate reorganizations -- Taxation -- United States.

    • Edition Notes

      Other titlesTax aspects of bankruptcy and workouts.
      Statementchair, Stuart J. Goldring.
      SeriesCommercial law and practice course handbook series ;, no. 609
      ContributionsGoldring, Stuart J.
      Classifications
      LC ClassificationsKF6332.Z9 U63 1992
      The Physical Object
      Pagination400 p. ;
      Number of Pages400
      ID Numbers
      Open LibraryOL1752849M
      LC Control Number92080673

      Test the treacherous (and shark infested) waters of tax, bankruptcy, and financial problems. This course will teach participants how to apply, implement, and evaluate the strategic tax aspects of bankruptcy, property settlements, debt cancellation, and foreclosure. Current perspectives on asset protection, repossession, and bad debts are examined with an emphasis on planning considerations. This course explores many tax issues that arise from filing for bankruptcy. Also addressed are asset protection for the tax practitioner and medical costs covered under § There is an examination of property settlements and other transfers incident to divorce. A tax surprise for many taxpayers is the taxability of debt cancellation and repossessing property sold on the installment method.

      Small Business Bankruptcy Reorganization, first published in , covers most of the pertinent issues for parties on both sides of a bankruptcy proceeding-namely, business owners and creditors. Anyone involved in a small business bankruptcy in any capacity will find this book to be especially useful. Individuals in Chapter 12 or Chapter 13 Proceedings .. 2 Department of the Tax Information Individuals in Chapter 7 or Chapter 11 This publication covers the federal income tax aspects of bankruptcy. Bankruptcy proceed-ings begin with the filing of a petition with the bankruptcy .

      Bankruptcy can be a useful tool for restructuring the finances of a business, or to liquidate operations in an orderly manner. This course discusses the choices available to the manager who is looking for a way out of a difficult financial dilemma, and who needs to understand the choices available, their ramifications, and the process flow for. Prepackaged bankruptcies provide tax benefits not found in workouts. If a firm enters into a workout in which a voluntary negotiated agreement with debtors is achieved, the firm may lose its right to claim NOLs in its tax filing. In bankruptcy, the firm may claim the right to NOLs, if the court rules the firm insolvent (i.e., negative net worth).


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Understanding the tax aspects of bankruptcy and workouts Download PDF EPUB FB2

Additional Physical Format: Online version: Understanding the tax aspects of bankruptcy and workouts. New York, N.Y. ( 7th Ave., New York ): Practising Law Institute, ©   Understanding available tax planning opportunities can help mitigate risk and preserve company value during a financial crisis.

Debt workouts and restructurings can be arranged either in bankruptcy or outside of bankruptcy. The tax ramifications will vary depending on both the structure of the transaction and whether a bankruptcy filing is involved. He speaks throughout the United States on bankruptcy and insolvency matters and is frequently an expert witness on bankruptcy issues.

Robert Liquerman (Washington, D.C.) is a principal in KPMG LLP's Washington National Tax Practice, Corporate Tax Group, specializing in matters under Subchapter C of the Internal Revenue s: 2. Tax Aspects of Bankruptcy Law and Practice includes detailed discussions of all the areas of tension between the Bankruptcy Code and the Internal Revenue Code including bankruptcy tax issues from each perspective.

It offers the best way to anticipate and take advantage of the tax issues when filing and administering a bankruptcy case and provides analysis of relevant tax decisions handed down. For purposes of Federal, state or local income taxes, the filing of a bankruptcy petition for or against an individual partner creates a separate taxable entity.2 The partner and the bankruptcy estate must file separate tax returns.

The bankruptcy estate succeeds to the debtor’s post-bankruptcy interest File Size: KB. Taxation Issues Related to Debt Restructuring, Modifications, and Bankruptcies.

Steven D. Bortnick, Esq. available to the extent it is written off on the taxpayer's books within the year −But, a creditor is not required to take a partial bad debt deduction ancillary tax issuesFile Size: KB. This guide provides an overview of the bankruptcy process and the significant accounting matters that a reporting entity that is considering - or has filed for - bankruptcy could face.

It is designed to assist those interested in a high-level understanding of the process and the related key accounting considerations. For Non-Bankruptcy Professionals Page 12 Robert S. Apfelberg, Karrie L. Bercik, Esq. Back to Table of Contents Back to Preceding Page Chapter Tax Implications. Chapter 11 cases usually raise tax issues.

Bankruptcy inherently involves modification or cancellation of debt and transferring of assets. Tax Issues During the Bankruptcy Case. While a bankruptcy filing does not relieve the debtor of his or her usual duty to file income tax returns, it can markedly shift the nature, timing, and extent of the debtor's obligations to pay taxes.

Exemptions in bankruptcy are all about what you keep. Exemptions define the collection of assets and rights that are safe from the reach of a bankruptcy trustee or your creditors. But planning exemptions in a bankruptcy case is more than just the looking down the list of things you keep through bankruptcy and the Read more.

The tax debt must be related to a tax return that was filed at least two years before the taxpayer files for bankruptcy. The time is measured from the date the taxpayer actually filed the return.

In most cases, this covers the same period of time as the due date rule—unless you missed the. Tax Aspects of Personal Bankruptcy.

Types of Bankruptcy • Chapter 7 – liquidation with Ch 7 trustee • Individual or Entity Taxes in Bankruptcy • Ch 7 – Non-discharged taxes must be paid after bky • Ch 13/Ch 11 – Secured tax – Must be paid w/interest or surrender property.

Note: This post is the first in a continuing series on the Credit Report Blog on the subject of workouts and bankruptcies involving low-income housing tax credit (LIHTC) projects.

Over the last several years there has been an increase in defaults in loans made to. It provides basic information to debtors, creditors, court personnel, the media, and the general public on different aspects of federal bankruptcy laws. It also provides individuals who may be considering bankruptcy with a basic explanation of the different chapters under which a bankruptcy case may be filed and answers some of the most commonly asked questions about the bankruptcy process.

Get this from a library. Tax aspects of workouts, insolvency, and bankruptcy, June, Philadelphia, Pennsylvania: ALI-ABA course of study materials.

[American Law Institute-American Bar Association Committee on Continuing Professional Education.;]. Books at Amazon. The Books homepage helps you explore Earth's Biggest Bookstore without ever leaving the comfort of your couch.

Here you'll find current best sellers in books, new releases in books, deals in books, Kindle eBooks, Audible audiobooks, and so much more. And an involuntary case, taxes that arise during the gap period which is between the dates of the filing of the bankruptcy petition and the order for relief, taxes due when returns filed late, and any time after the date that is two years before the petition date.

developments in bankruptcy or tax law. If you need more guidance on the bankruptcy or tax laws applicable to your case, you should seek professional advice.

This publication explains the basic federal income tax aspects of bankruptcy. A fundamental goal of the bankruptcy laws enacted by Congress is to give an honest. Bankruptcy law products. This work contains federal statutes, codes, and rules relating to bankruptcy and debtor-creditor issues. Book $ Norton Dictionary of Bankruptcy Terms, ed.

This extensive treatise examines workouts and foreclosures throughout the country, from protecting interests before foreclosure to confirmation and.

Ed Flynn of the American Bankruptcy Institute (ABI) did a study of PACER stats (public court records) from fiscal year (Oct. 1, through Sept. 30, ) and found that there wereChapter 7 bankruptcy cases completed that year, and % were discharged, meaning the individual was no longer legally required to pay the debt.

Partnerships and corporations will also file Chapter 7, but with a different result. Partnerships and corporations do not receive a discharge of r do they exempt any property with which to gain a “fresh start.” In fact, a Chapter 7 case filed by a partnership or corporate entity is expected to be a total liquidation.

Voluntary bankruptcy is a type of bankruptcy where an insolvent debtor brings the petition to a court to declare bankruptcy because the individual or. Chapter 11 and 13 cases normally require the court to approve a repayment plan which repays all or a portion of the debts owed to creditors.

Tax claims (as well as all other debts) will be classified as secured, priority or general unsecured, depending on the facts and on: Harwin Dr #, Houston,TX.