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by Robert Liquerman, Grant W. Newton
Bankruptcy and Insolvency Taxation, 4th Edition
Cover
Series
Title Page
Copyright
Preface
CHAPTER ONE: Nature of Bankruptcy and Insolvency Proceedings
§ 1.1 Objectives
§ 1.2 ALTERNATIVES AVAILABLE TO A FINANCIALLY TROUBLED BUSINESS
CHAPTER TWO: Discharge of Indebtedness
§ 2.1 INTRODUCTION
§ 2.2 DISCHARGE OF INDEBTEDNESS INCOME
§ 2.3 DETERMINATION OF DISCHARGE OF INDEBTEDNESS INCOME
§ 2.4 SECTION 108(e) ADDITIONS TO DISCHARGE OF INDEBTEDNESS INCOME
§ 2.5 SECTION 108(e) SUBTRACTIONS FROM DISCHARGE OF INDEBTEDNESS INCOME
§ 2.6 DISCHARGE OF INDEBTEDNESS INCOME EXCLUSIONS
§ 2.7 CONSEQUENCES OF QUALIFYING FOR SECTION 108(a) EXCLUSIONS
§ 2.8 SECTION 108(i) DEFERRAL AND RATABLE INCLUSION OF DOI FROM BUSINESS INDEBTEDNESS DISCHARGED BY THE REACQUISITION OF A DEBT INSTRUMENT
§ 2.9 USE OF PROPERTY TO CANCEL DEBT
§ 2.10 CONSOLIDATED TAX RETURN TREATMENT
§ 2.11 DISCHARGE OF INDEBTEDNESS REPORTING REQUIREMENTS
CHAPTER THREE: Partnerships and S Corporations
§ 3.1 INTRODUCTION
§ 3.2 PARTNERSHIPS
§ 3.3 S CORPORATIONS
CHAPTER FOUR: Taxation of Bankruptcy Estates and Debtors
§ 4.1 INTRODUCTION
§ 4.2 RESPONSIBILITY FOR FILING INCOME TAX RETURNS
§ 4.3 ACCOUNTING FOR THE BANKRUPTCY ESTATE
§ 4.4 ACCOUNTING FOR THE DEBTOR (INDIVIDUAL)
§ 4.5 SUMMARY
CHAPTER FIVE: Corporate Reorganizations
§ 5.1 INTRODUCTION
§ 5.2 ELEMENTS COMMON TO MANY REORGANIZATION PROVISIONS
§ 5.3 OVERVIEW OF SPECIFIC TAX-FREE REORGANIZATIONS UNDER SECTION 368
§ 5.4 ACQUISITIVE ASSET REORGANIZATIONS
§ 5.5 STOCK ACQUISITIONS
§ 5.6 SINGLE-ENTITY REORGANIZATIONS
§ 5.7 DIVISIVE REORGANIZATIONS
§ 5.8 INSOLVENCY REORGANIZATIONS
§ 5.9 SUMMARY
CHAPTER SIX: Use of Net Operating Losses
§ 6.1 INTRODUCTION
§ 6.2 I.R.C. SECTION 381
§ 6.3 RESTRUCTURING UNDER PRIOR I.R.C. SECTION 382
§ 6.4 CURRENT I.R.C. SECTION 382
§ 6.5 I.R.C. SECTION 383: CARRYOVERS OTHER THAN NET OPERATING LOSSES
§ 6.6 I.R.C. SECTION 384
§ 6.7 I.R.C. SECTION 269: TRANSACTIONS TO EVADE OR AVOID TAX
§ 6.8 LIBSON SHOPS DOCTRINE
§ 6.9 CONSOLIDATED RETURN REGULATIONS
CHAPTER SEVEN: Other Corporate Issues
§ 7.1 INTRODUCTION
§ 7.2 EARNINGS AND PROFITS
§ 7.3 INCORPORATION
§ 7.4 LIQUIDATION
§ 7.5 I.R.C. SECTION 338
§ 7.6 LIMITED LIABILITY CORPORATION
§ 7.7 OTHER TAX CONSIDERATIONS
§ 7.8 ADMINISTRATIVE EXPENSES
§ 7.9 OTHER ADMINISTRATIVE ISSUES
CHAPTER EIGHT: State and Local Taxes
§ 8.1 INTRODUCTION
§ 8.2 BANKRUPTCY ESTATES
§ 8.3 STOCK FOR DEBT
§ 8.4 CANCELLATION OF INDEBTEDNESS
§ 8.5 NET OPERATING LOSS CARRYBACK AND CARRYOVER
§ 8.6 STAMP TAX
§ 8.7 TAX IMPACT OF PLAN FOR STATE AND LOCAL PURPOSES
CHAPTER NINE: Tax Consequences to Creditors of Loss from Debt Forgiveness
§ 9.1 INTRODUCTION
§ 9.2 NATURE OF LOSSES
§ 9.3 BUSINESS AND NONBUSINESS LOSSES
§ 9.4 DETERMINATION OF WORTHLESSNESS
§ 9.5 SECURED DEBT
§ 9.6 REORGANIZATION
CHAPTER TEN: Tax Procedures and Litigation
§ 10.1 INTRODUCTION
§ 10.2 NOTICE AND FILING REQUIREMENTS
§ 10.3 TAX DETERMINATION
§ 10.4 BANKRUPTCY COURTS
§ 10.5 MINIMIZATION OF TAX AND RELATED PAYMENTS
CHAPTER ELEVEN: Tax Priorities and Discharge
§ 11.1 INTRODUCTION
§ 11.2 PRIORITIES
§ 11.3 TAX DISCHARGE
CHAPTER TWELVE: Tax Preferences and Liens
§ 12.1 INTRODUCTION
§ 12.2 TAX PREFERENCES
§ 12.3 TAX LIENS
About the Authors
About the Web Site
Statutes Citations
Treasury Regulations, Revenue Procedures, and Revenue Rulings Citations
Case Index
Subject Index
Appendix A: Internal Revenue Code: Selected Sections
SEC. 108. INCOME FROM DISCHARGE OF INDEBTEDNESS
SEC. 312. EFFECT ON EARNINGS AND PROFITS
SEC. 331. GAIN OR LOSS TO SHAREHOLDERS IN CORPORATE LIQUIDATIONS
SEC. 332. COMPLETE LIQUIDATIONS OF SUBSIDIARIES
SEC. 336. GAIN OR LOSS RECOGNIZED ON PROPERTY DISTRIBUTED IN COMPLETE LIQUIDATION
SEC. 337. NONRECOGNITION FOR PROPERTY DISTRIBUTED TO PARENT IN COMPLETE LIQUIDATION OF SUBSIDIARY
SEC. 338. CERTAIN STOCK PURCHASES TREATED AS ASSET ACQUISITIONS
SEC. 351. TRANSFER TO CORPORATION CONTROLLED BY TRANSFEROR
SEC. 354. EXCHANGES OF STOCK AND SECURITIES IN CERTAIN REORGANIZATIONS
SEC. 355. DISTRIBUTION OF STOCK AND SECURITIES OF A CONTROLLED CORPORATION
SEC. 356. RECEIPT OF ADDITIONAL CONSIDERATION
SEC. 357. ASSUMPTION OF LIABILITY
SEC. 358. BASIS TO DISTRIBUTEES
SEC. 361. NONRECOGNITION OF GAIN OR LOSS TO CORPORATIONS; TREATMENT OF DISTRIBUTIONS
SEC. 368. DEFINITIONS RELATING TO CORPORATE REORGANIZATIONS
SEC. 381. CARRYOVERS IN CERTAIN CORPORATE ACQUISITIONS
SEC. 382. LIMITATION ON NET OPERATING LOSS CARRYFORWARDS AND CERTAIN BUILT-IN LOSSES FOLLOWING OWNERSHIP CHANGE
SEC. 383. SPECIAL LIMITATIONS ON CERTAIN EXCESS CREDITS, ETC
SEC. 384. LIMITATION ON USE OF PREACQUISITION LOSSES TO OFFSET BUILT-IN GAINS
SEC. 1017. DISCHARGE OF INDEBTEDNESS
SEC. 1398. RULES RELATING TO INDIVIDUALS’ TITLE 11 CASES
SEC. 1399. NO SEPARATE TAXABLE ENTITIES FOR PARTNERSHIPS, CORPORATIONS, ETC.
SEC. 6103. CONFIDENTIALITY AND DISCLOSURE OF RETURNS AND RETURN INFORMATION
Appendix B: Senate Report No. 96-1035 on H.R. 5043—Bankruptcy Tax Act of 1980
BANKRUPTCY TAX ACT OF 1980
I. SUMMARY
II. EXPLANATION OF THE BILL
III. EFFECT OF THE BILL ON THE BUDGET AND VOTE OF THE COMMITTEE IN REPORTING THE BILL AS AMENDED
IV. REGULATORY IMPACT OF THE BILL
V. CHANGES IN EXISTING LAW MADE BY THE BILL, AS REPORTED
Appendix C: Senate Proposed Amendments to H.R. 5043 (Bankruptcy Tax Act of 1980) Adopted by Both Senate and House
BANKRUPTCY TAX ACT OF 1980
SEC. 7. EFFECTIVE DATES
SECTION 2 (TAX TREATMENT OF DISCHARGE OF INDEBTEDNESS)
SECTION 3 (RULES RELATING TO TITLE CASES FOR INDIVIDUALS)
SECTION 5 (MISCELLANEOUS CORPORATE AMENDMENTS)
PROVIDING CERTAINTY IN THE TAX LAWS
FINANCE COMMITTEE PRO-DEBTOR AMENDMENT
TIME FOR FINE TUNING NEXT YEAR
Appendix D: Representative Ullman’s Statement Regarding Bankruptcy Tax Legislation
REQUEST TO CONCUR IN SENATE AMENDMENTS TO H.R. 5043, BANKRUPTCY TAX ACT OF 1980
SEC. 7. EFFECTIVE DATES
BANKRUPTCY TAX ACT OF 1980
SEC. 7. EFFECTIVE DATES
“STOCK-FOR-DEBT” RULES
EFFECTIVE DATE PROVISIONS
TECHNICAL AMENDMENTS
SECTION 2.’TAX TREATMENT OF DISCHARGE OF INDEBTEDNESS
SECTION 3.’RULES RELATING TO TITLE 11 CASES FOR INDIVIDUALS
SECTION 5.’MISCELLANEOUS CORPORATE AMENDMENTS
GENERAL LEAVE
Appendix E: Selected Provisions from the General Explanation of the Tax Reform Act of 1986
DISCHARGE OF INDEBTEDNESS INCOME FOR CERTAIN FARMERS (SEC. 405 OF THE ACT AND SECS. 108 AND 1017 OF THE CODE)
SPECIAL LIMITATIONS ON NET OPERATING LOSS AND OTHER CARRYFORWARDS (SEC. 621 OF THE ACT AND SECS. 382 AND 383 OF THE CODE)
RECOGNITION OF GAIN OR LOSS ON LIQUIDATING SALES AND DISTRIBUTIONS OF PROPERTY (GENERAL UTILITIES) (SECS. 631, 632, AND 633 OF THE ACT AND SECS. 336, 337, AND 1374 OF THE CODE)3
CANCELLATION OF INDEBTEDNESS FOR SOLVENT TAXPAYERS (SEC. 822 OF THE ACT AND SEC. 108 OF THE CODE)
Appendix F: Selected Provisions from the Explanation of the Technical and Miscellaneous Revenue Act of 1988
HOUSE WAYS AND MEANS COMMITTEE REPORT NO. 100-795, JULY 26, 1988 (“HOUSE COMMITTEE REPORT”)
SENATE FINANCE COMMITTEE REPORT NO. 100-445, AUGUST 3, 1988 (“SENATE COMMITTEE REPORT”)
JOINT COMMITTEE ON TAXATION EXPLANATION OF SENATE CONSENSUS AMENDMENT, JCX-28-88, SEPTEMBER 12, 1988
CONFERENCE COMMITTEE REPORT, STATEMENT OF THE MANAGERS, OCTOBER 24, 1988 (“CONFERENCE COMMITTEE REPORT”)
ACT § 1006 AND FRC § 336, 368, AND 382 SENATE COMMITTEE REPORT
SPECIAL LIMITATIONS ON NET OPERATING LOSS AND OTHER CARRYFORWARDS
RECOGNITION OF GAIN OR LOSS ON LIQUIDATING SALES AND DISTRIBUTIONS OF PROPERTY (GENERAL UTILITIES)
JOINT COMMITTEE EXPLANATION OF SENATE CONSENSUS AMENDMENT
HOUSE COMMITTEE REPORT
CONFERENCE COMMITTEE REPORT
ACT SEC. 4012 AND IRC § 382: FINANCIAL INSTITUTIONS
ACT SEC. 1004 AND IRC § 108(G): TREATMENT OF DISCHARGE OF INDEBTEDNESS INCOME OF CERTAIN FARMERS
ACT SEC. 1018(D)(5) AND IRC § 361: EARNINGS AND PROFITS
Appendix G: In re Fremont General Corporation: Tax Consequences of Plan
F. TAX CONSEQUENCES OF PLAN
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