Polsinelli Podcasts - Supreme Court Closes Gap on Bankruptcy Issue
A Conversation with John Houghton on Asia Restructurings
Bennett Jones Spring 2014 Economic Outlook
Select Bankruptcy Issues for General Counsel – Part One
Not Dead Yet? How BigLaw's Best Firms Are Finding Growth
Update on Section 363 of the Bankruptcy Code and Delaware Bankruptcy Court’s Decision in the Fisker Automotive Holdings Inc. Bankruptcy Case
Polsinelli Podcast - Claims Trading: Opportunity or Hazard?
If I wasn't happy with my lawyer, can I appeal and show evidence I wanted to present?
Zimmermann: Dewey Charges Send 'Warning' To Struggling Law Firms
What do creditors need to know about litigation in state court and bankruptcy court?
Can I collect my judgment if the other side is appealing?
Bill on Bankruptcy: Big Time Lawyers Pricing Themselves Out
Bill on Bankruptcy: Detroit Falls Short on Good-Faith Test
What is an appeal and how do I know if I should appeal?
Bill on Bankruptcy: Delaware Garners Almost All Big Chapter 11s
Bill on Bankruptcy: Madoff Victims Rooting for Stanford Victory
Bill on Bankruptcy: Listening in the Dark at the NCBJ
Bill on Bankruptcy: Detroit Shows Need for Amending Bankruptcy Law
Dean: Law Schools Use Merit Scholarships To Boost Rankings
Bill on Bankruptcy: Unprecedented Actions by Two District Judges
Plagued with financial uncertainty and inadequate resources, debtors often fail to take the steps that are needed to minimize property taxes in the period leading up to bankruptcy. Tax protests go unfiled and valuations go...more
At the end of July, the California state legislature enacted an extension of its modified conformity to federal mortgage debt forgiveness tax relief for 1 year, through 2013. The law allows exclusion of income realized as a...more
In June 17, 2014, in Wirth v. Commonwealth, 82-85 MAP 2012, the Pennsylvania Supreme Court (the “Court”) affirmed the Commonwealth Court’s holding that nonresident limited partners were liable for Pennsylvania Personal Income...more
The Departments of the Treasury, Labor, and Health and Human Services issued final regulations addressing the rule in the Affordable Care Act (ACA) that prohibits a group health plan from having a waiting period that exceeds...more
When times get desperate and tax liabilities pile up – filing for bankruptcy is an option many people consider. Taxes are “dischargable” in bankruptcy, but there are important rules you need to know....more
In the case of United States of America v. Edward P. Bond, No. 12-4803 (2d. Cir. August 13, 2014), the United States Court of Appeals for the Second Circuit (the "Second Circuit") issued a decision that could have...more
In Clinton County Treasurer v. Wolinsky, 511 B.R. 34 (N.D.N.Y. 2014), a Chapter 7 trustee sought to avoid a property tax foreclosure as a fraudulent transfer and then to recover damages from the foreclosing county. The...more
In numerous previous posts, we have noted that the purpose of the Bankruptcy Code is to help the “honest but unfortunate debtor.” Like gerrymandering, certain “creative” debtors have attempted to classify their...more
A chapter 7 trustee sought to avoid a property tax foreclosure as a fraudulent transfer and then to recover damages from the foreclosing county. The bankruptcy court agreed that the transfer was a fraudulent conveyance, but...more
In Clark v. Rameker, a case decided by the U.S. Supreme Court on June 12, 2014, the Court ruled that an inherited IRA did not constitute “retirement funds” under the Federal Bankruptcy Code and, therefore, those funds were...more
Suppose the following: Title to a home is held by Trust A. The beneficiaries of Trust A are three natural persons and Trust B. Trust B holds a 25% beneficial interest in Trust A. The sole beneficiaries of Trust B are Mom...more
The federal bank regulators recently issued additional guidance on intercompany income tax allocation agreements between holding companies and their depository institution subsidiaries. Intended to clarify the ownership of...more
The New Jersey Supreme Court, in In re: Princeton Office Park, L.P. v. Plymouth Park Tax Services, LLC, determined that under the Tax Sale Law, N.J.S.A. §§ 54:5-1 to -137, a purchaser of a tax sale certificate acquires a tax...more
The Bankruptcy Code permits an individual in bankruptcy to exempt from the bankrupt estate “retirement funds” in an individual retirement account (“IRA”) or certain other tax-advantaged vehicles. In a recent case, the U.S....more
On June 12, 2014 the United States Supreme Court issued its opinion in Clark v. Rameker, 13-299, ruling that inherited IRA accounts are available to creditors in bankruptcy. At issue was a Bankruptcy Code provision that...more
On June 12, 2014, the U.S. Supreme Court issued its opinion in Clark v. Rameker, opening up another source of recovery for creditors and Chapter 7 trustees in bankruptcy proceedings. In Clark, a Chapter 7 debtor inherited...more
On June 12, 2014, the United States Supreme Court unanimously held in Clark v. Rameker Trustee that funds in an individual retirement account (“IRA”) inherited from someone other than the bankrupt debtor’s spouse are not...more
On June 12, 2014, the U.S. Supreme Court unanimously held in Clark v. Rameker that an inherited individual retirement account (IRA) does not qualify for the “retirement funds” exemption in the Bankruptcy Code and is not...more
Our post from yesterday discussed how the U.S. Supreme Court ruled in Clark v. Rameker that inherited IRAs are not exempt from creditor claims in bankruptcy. Here are some more observations on that case...more
We have written on the question whether inherited IRAs are exempt from creditors in a federal bankruptcy action. The various courts that have addressed the issue have gone in both directions....more
FICA tax is normally collected through withholding at the time the underlying compensation (“wages”) is received. Under a special rule in the Internal Revenue Code, however (the “special timing rule”), FICA with respect to...more
Generally, a non-U.S. taxpayer that is not engaged in a U.S. trade or business is taxable in the United States only on U.S.-source “fixed determinable, annual or periodical” income (FDAP)....more
The U.S. District Court for the District of Delaware has affirmed a bankruptcy court order which approved both a sale of the debtors’ assets and the establishment of an escrow account, which essentially provides a “gift” to...more
Can a foreign person exclude foreign-situs assets in determining insolvency exception to cancellation of indebtedness income?
With the worldwide global default rate on corporate debt continuing to rise, a taxpayer’s...more
Before the Supreme Court this term is the question of whether a beneficiary individual retirement account (an “Inherited IRA”) is exempt from a debtor’s bankruptcy estate under 11 U.S.C. § 522(b)(3)(C) and (d)(12)2 of the...more
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