Bankruptcy Taxation

Eleventh Circuit Court of Appeals Addresses Effective Date of Plan Impact on IRS Assessment of Taxes after Confirmation Date

In United States v. White, 466 F.3d 1241 (11th Cir.

Chapter 13 Trustee May Seek to Recover the Non-Exempt Portion of a Federal Income Tax Refund for the Benefit of Creditors

The circuit court in In the Matter of Meza, 2006 U.S. App. LEXIS 26304 (5th Cir. Oct.

IRS’ New Rules for the Treatment of Individual Chapter 11 Debtors’ Income

Section 321 of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, Pub. L. No. 109-8, 119 Stat 23 (2005), amended the Bankruptcy Code to add a new §1115, which governs chapter 11 cases filed by individuals on or after Oct. 17, 2005.

How to Eliminate Trustee Tax Liability Resulting from the Administration of a Chapter 7 Case

Trustees were previously required to wait seven years after filing a tax return before distributing money to creditors. Seven years is the statutory period the Internal Revenue Service (IRS) has to audit an income tax return after it is filed.

Eleventh Circuit Court of Appeals Addresses Effective Date of Plan Impact on IRS Assessment of Taxes after Confirmation Date

In United States v. White, 466 F.3d 1241 (11th Cir.

Chapter 13 Trustee May Seek to Recover the Non-Exempt Portion of a Federal Income Tax Refund for the Benefit of Creditors

The circuit court in In the Matter of Meza, 2006 U.S. App. LEXIS 26304 (5th Cir. Oct.

New Law Mandates “Pay to Play” Offer-in-Compromise Rules

The Internal Revenue Service (IRS) offer-in-compromise program has changed significantly following the July 16, 2006 effective date of certain provisions in the Tax Increase Prevention and Reconciliation Act of 2005 (TIRPA).

Secured Creditors Liquidating Trust Denied Tax Refund for Net Operating Losses Based on Product-Liability Settlements and Pension Plan Contributions

The U.S. District Court for New Jersey recently considered the technical requirements for a taxpayer to successfully claim a specified liability loss (a type of net operating loss) under §172 of the Internal Revenue Code, 26 U.S.C. §101 et. seq. (I.R.C.). See Internal Revenue Service v.

Protecting Trading Markets and NOLs in Chapter 11

The Bond Market Association (BMA) and the Loan Syndications and Trading Association (LSTA) have jointly drafted a model order for use in chapter 11 proceedings to protect a debtor’s net operating losses (NOLs) without unduly restricting trading in unsecured claims during the pendency of a company’s bankruptcy case (Model NOL Order).

Taxing Authority May Not Assert Sovereign Immunity in Post-sale Proceeding to Determine the Estate’s Tax Liability

The U.S.

Subscribe to %1