Bankruptcy Taxation

Annual Spring Meeting 2016: Real Estate/Bankruptcy Taxation

Hospitality and the Tax Man: Historical Hospitality Tax Issues in Distress

Commercial and Regulatory Law March 2015

The Purchaser of a Tax Lien Is the Holder of a “Tax Claim” Under 11 U.S.C. § 511(a)

Editor’s Note: The following article, “The Purchaser of a Tax Lien Is the Holder of a 'Tax Claim' Under 11 U.S.C. § 511(a),” won the prize for second place in the Seventh Annual ABI Bankruptcy Law Student Writing Competition. The author, Andrew Reardon, is a recent graduate of St. John’s University School of Law in Jamaica, N.Y. In addition to recognition and publication of his article in the Bankruptcy Taxation Committee Newsletter, Mr. Reardon receives a cash award of $1,250, sponsored by Jenner & Block LLP, and a one-year ABI membership.

Annual Spring Meeting 2015: Bankruptcy Taxation, Business Reorganization and Young & New Members Committees

Tax-Sharing Agreements in Bankruptcy that Have Been the Subject of Recent Appeals Courts Decisions

Committee Wide Update Call

The purpose of this call was to seek thoughts, suggestions, and assistance in setting and achieving new goals and objectives for the Committee. For example, they discussed ideas and topics for future newsletters, webinars, and educational sessions at ABI’s Winter Leadership Conference and Annual Spring Meeting. Additionally, the Committee discussed ideas for networking events and special projects for the Committee. Participating in future calls is a great way to get more involved!

In Rem Tax Foreclosures Can Be Avoided as Constructively Fraudulent Transfers

Add the Western District of New York to those courts holding that in rem tax foreclosures are not presumed to provide reasonably equivalent value to a debtor. In Canandaigua Land Development LLC v. County of Ontario (In re Canandaigua Land Dev. LLC), 521 B.R. 457 (Bankr. W.D.N.Y. 2014), the court granted summary judgment for a debtor whose land had been foreclosed for tax arrearages, holding that the in rem foreclosure was a constructively fraudulent transfer and ordering the county to convey the foreclosed land back to the debtor.

Sovereign Immunity and Fraudulent-Transfer Actions against the IRS

[1]A trustee for a bankrupt entity or a debtor has the power to bring an action to avoid and recover constructive or actual fraudulent transfers. Section 544(b) of the Bankruptcy Code specifically allows a trustee or debtor to step into the shoes of an actual creditor of the debtor, who could have avoided the transfer outside of bankruptcy using state law. The U.S. Court of Appeals for the Seventh Circuit recently analyzed a debtor’s power to bring a state law fraudulent-transfer action..

Wren Alexander, LLC: Of Tax Liens and Fraudulent Transfers

A 30-year friendship and business association between Charles Pircher and Wren Alexander ultimately cost one of Alexander’s companies, Wren Alexander Investments, L.L.C. (Wren LLC), its interest in certain real property in Medina County, Texas (Medina Property). On June 14, 2013, in a per curiam opinion, In re Wren Alexander Investments, LLC,[1] the U.S. Court of Appeals for the Fifth Circuit affirmed the affirmation of the U.S. District Court for the Western District of Texas of the allowance by the U.S.

Who Is Right: Delaware or the Eleventh Circuit?

When a bank fails and is liquidated by the Federal Deposit Insurance Corporation (FDIC), and then the bank’s holding company files for bankruptcy, a dispute frequently arises regarding ownership of tax refunds issued to a consolidated group (including the bank and the bank holding company) pursuant to consolidated tax returns. The parties to the dispute typically are the FDIC (derivatively through the failed bank) and the holding company’s bankruptcy estate.

Proper Maintenance of Profit-Sharing Plan Necessary to Benefit from Bankruptcy Exemption

In line with one of bankruptcy’s vaunted goals, providing debtors with a fresh start, the Bankruptcy Code specifically authorizes debtors to exempt retirement funds held in a compliant retirement account from property of the estate. When done properly, investing funds in a compliant profit-sharing plan can be a powerful financial-planning and asset-protection tool, putting almost unlimited funds out of creditors’ reach.

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