Commercial and Regulatory Law

Tax Traps for Bankruptcy Attorneys

This panel focuses on material tax issues that every bankruptcy attorney should know that can impact both estate administration and bankruptcy plans. The panelists highlight issues that should be considered when a company is considering filing for bankruptcy or is in bankruptcy, such as tax attribute planning and preservation, management of COD income in connection with liability management transactions, “significant modification” of debt and how to minimize consequences, the considerations if the debtor is a partnership or a corporation, associated state tax issues, and key tax return compliance implications.

Commercial and Regulatory Law January 2023

Recent Committee Happenings

Paper Plane Cocktails, Anyone?

Federal Income Tax and the Financially Troubled Corporation

A financially troubled corporation confronts many issues, including those raised by federal income tax law. While relevant income tax law is based on a few policies that are relatively simple to summarize, implementation of these policies drives significant complexity.

Crypto as Kryptonite: The Great Meltdown of 2022

“It’s like déjà vu all over again.”
— Yogi Berra

I’m a creature of habit, to be sure. It wouldn’t be the holidays without talking about a classic holiday movie: Frank Capra’s 1946 classic It’s a Wonderful Life. It’s the story of George Bailey, who inherits the Bailey Building & Loan Association founded by his father in the 1940s, and who forgoes his dreams of traveling the world to instead help the multicultural residents of fictional Bedford Falls, N.Y., realize the dream of home ownership.

Commercial and Regulatory Law July 2022

Prolonged Russian Sanctions Cited as Having Significant Effect in Disappointing Economic and Earnings Reports

Everyone is feeling the impacts of the highest rate of inflation in decades, with the Consumer Price Index (CPI) still reporting a 8.3% year-over-year rate of inflation. Many pundits are blaming the impact of the Russian sanctions as a primary driver. This month, U.S. companies reporting earnings are repeating the same mantra.

Commercial and Regulatory Law April 2022

Executive Order on Digital Assets

“Digital assets, including cryptocurrencies, have seen explosive growth in recent years, surpassing a $3 trillion market cap last November and up from $14 billion just five years prior. Surveys suggest that around 16 percent of adult Americans — approximately 40 million people — have invested in, traded, or used cryptocurrencies.” — White House Fact Sheet.

Nonconsensual Third-Party Releases and Legislative Efforts to Limit Them

Nonconsensual third-party releases in bankruptcy are the hot topic of debate recently. Even though there is no provision of the Bankruptcy Code that expressly authorizes these releases, no Code provision prohibits them, either. Therefore (drumroll), different circuits have different views on third-party releases, and because Congress is not always hot and heavy on the Bankruptcy Code, these splits tend to slowly get worked out in the appellate court process.