Author: United States. Congress. Senate. Committee on FinancePublisher:
ISBN:
Category : Bankruptcy
Languages : en
Pages : 74
Book Description
Discharge of Taxes in Bankruptcy
Author: United States. Congress. Senate. Committee on FinancePublisher:
ISBN:
Category : Bankruptcy
Languages : en
Pages : 74
Book Description
United States Code
Author: United StatesPublisher:
ISBN:
Category : Law
Languages : en
Pages : 1506
Book Description
"The United States Code is the official codification of the general and permanent laws of the United States of America. The Code was first published in 1926, and a new edition of the code has been published every six years since 1934. The 2012 edition of the Code incorporates laws enacted through the One Hundred Twelfth Congress, Second Session, the last of which was signed by the President on January 15, 2013. It does not include laws of the One Hundred Thirteenth Congress, First Session, enacted between January 2, 2013, the date it convened, and January 15, 2013. By statutory authority this edition may be cited "U.S.C. 2012 ed." As adopted in 1926, the Code established prima facie the general and permanent laws of the United States. The underlying statutes reprinted in the Code remained in effect and controlled over the Code in case of any discrepancy. In 1947, Congress began enacting individual titles of the Code into positive law. When a title is enacted into positive law, the underlying statutes are repealed and the title then becomes legal evidence of the law. Currently, 26 of the 51 titles in the Code have been so enacted. These are identified in the table of titles near the beginning of each volume. The Law Revision Counsel of the House of Representatives continues to prepare legislation pursuant to 2 U.S.C. 285b to enact the remainder of the Code, on a title-by-title basis, into positive law. The 2012 edition of the Code was prepared and published under the supervision of Ralph V. Seep, Law Revision Counsel. Grateful acknowledgment is made of the contributions by all who helped in this work, particularly the staffs of the Office of the Law Revision Counsel and the Government Printing Office"--Preface.
Bankruptcy and Insolvency Taxation
Author: Grant W. NewtonPublisher: John Wiley & Sons
ISBN: 0471656860
Category : Business & Economics
Languages : en
Pages : 890
Book Description
The thousands of mergers, acquisitions, and start-ups that have characterized the past ten years of business have created an increasing number of corporations in financial trouble: specifically, a shortage of venture capital or quick cash. Consequently, bankruptcy protection is now viewed as a strategic move to protect corporations from their creditors and allow them to reorganize. Bankruptcy and Insolvency Taxation, Third Edition provides the answers to the questions financial managers will have on the tax aspects of the "bankruptcy strategy."
Discharging Taxes in Bankruptcy
Author: Morgan D. KingPublisher:
ISBN:
Category : Bankruptcy
Languages : en
Pages : 532
Book Description
Bankruptcy and Other Debt Cancellation
Author: United States. Internal Revenue ServicePublisher:
ISBN:
Category : Bankruptcy
Languages : en
Pages : 12
Book Description
Discharge of Late Tax Return Debt in Bankruptcy
Author: Timothy M. ToddPublisher:
ISBN:
Category :
Languages : en
Pages : 39
Book Description
The current majority rule for handling the discharge of tax debt related to a tardily filed tax return is severely distorted and antithetical to sound bankruptcy and taxation policy. For years, it was established law that bankruptcy could discharge stale tax debts. Indeed, the Bankruptcy Code provided a clear and workable standard that delicately balanced the interest of the government as creditor, the debtor's need for a fresh start, and the interest of the general unsecured creditor. This system used a series of timing rules that allowed stale tax debts to be discharged and allowed the government to collect "fresh" tax debts post-bankruptcy.The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 ushered in many consumer bankruptcy reforms. One of those changes regarded how courts were to treat substitute returns prepared by the Internal Revenue Service ("IRS") when a taxpayer failed to file any tax return. However, that targeted legislative patch has been incorrectly applied to any and all late tax returns -- even if the tax return is filed only one day late -- to preclude forever a discharge for that tax debt. This result is a radical sea change in bankruptcy law that is wrong and needs to be remedied.This Article demonstrates four problems with the majority rule. First, the majority rule violates principles of statutory construction. Second, the effects of the rule are exacerbated in state jurisdictions that do not have substitute return provisions. Third, the majority rule violates the principle that courts do not effect major bankruptcy changes without clear legislative command. Fourth -- and perhaps most troubling -- is that the majority rule now decouples tax priority and discharge.This Article therefore provides both legislative and judicial solutions to solve these problems. In particular, this Article advances a better, more workable judicial test -- the indispensable element test -- to determine whether a late tax return complies with the current statutory elements for bankruptcy discharge.
Tax Planning for Troubled Corporations
Author: Gordon D. HendersonPublisher: CCH
ISBN: 9780808018148
Category : Business & Economics
Languages : en
Pages : 1084
Book Description
Tax Planning for Troubled Corporations, by noted tax attorneys Gordon D. Henderson and Stuart J. Goldring, clearly outlines the steps involved in corporate bankruptcy proceedings and examines the tax procedural aspects of bankruptcy. This classic treatise provides crystal clear analysis and guidance for any company considering bankruptcy filing and for tax, financial and legal advisors to such companies. It examines the full gamut of tax aspects, consequences and considerations of bankruptcy and non-bankruptcy restructuring of financially troubled businesses -- from the corporation's initial tax payment and reporting obligations through the claims resolution process, to the payment and discharge of tax claims pursuant to a confirmed Chapter 11 plan.
How to Discharge Taxes in Bankruptcy
Author: Robert G. NathPublisher:
ISBN:
Category : Bankruptcy
Languages : en
Pages : 92
Book Description
Bankruptcy and Insolvency Taxation
Author: Grant W. NewtonPublisher: Wiley
ISBN: 9780471419280
Category : Business & Economics
Languages : en
Pages : 340
Book Description
The 2002 Cumulative Supplement includes updates to many subjects including: taxation of bankruptcy estates and debtors, corporate organizations, use of net operating losses, tax procedures and litigation, tax priorities and discharge, and tax preferences and liens.
Failing and Failed Businesses
Author: Gordon HendersonPublisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 836
Book Description
This resource dearly outlines the steps involved in bankruptcy proceedings and examines the procedural tax aspects of bankruptcy from the corporation's initial tax payment and reporting obligations, through the claims resolution process, to the payment and discharge of tax claims pursuant to a confirmed Chapter 11 plan. Includes discussions of Banckruptcy versus Nonbankruptcy Restructuring -- Debt Modification -- One-Company Equity-for-Debt Recapitalizations -- Liquidating Trusts, Escrows, and the Like -- and more.