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Section 363 Sale Order Enjoining Successor Liability Claims Not Subject to Subsequent Attack by State Agencies

A recent decision in the ongoing bankruptcy proceedings for Chrysler has reinforced the authority of a bankruptcy court to interpret its own sale orders, and where appropriate, to enforce such an order by preventing creditors...more

What are the unique dynamics of a low-income housing tax credit workout?

Note: This post is part of a continuing series on the Credit Report Blog on the subject of workouts and bankruptcies involving low-income housing tax credit (LIHTC) projects. ...more

Secured Creditors Can Appeal to Tax Court on Behalf of a Bankrupt

The Tax Court of Canada recently confirmed in International Hi-Tech Industries Inc v The Queen, 2014 TCC 198, that in certain circumstances a secured creditor can commence or continue a tax appeal on behalf of a bankrupt...more

Tax Litigation Update: Ninth Circuit Decision Provides Significant Support for Taxpayers Seeking to Discharge Tax Debt in...

On September 15, 2014, the United States Court of Appeals for the Ninth Circuit issued a landmark decision strongly favoring debtors seeking to discharge tax debt in bankruptcy. The case, Hawkins v. Franchise Tax Board...more

Escaping Taxes in Bankruptcy Through S Corporations

Shareholders of financially troubled S corporations may now be able to avoid the flow-through of taxes when the S corporation or its subsidiary files bankruptcy. ...more

Supplemental Interagency Guidance on Tax Allocation Agreements

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

New Jersey Tax Sale Law Gives Purchaser of a Tax Sale Certificate a Tax Lien on the Underlying Property

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

Determining Foreigners Insolvency Exception

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

Agribusiness Alert: The Year in Review: 3 Growing Legal Developments in Agricultural Finance

This Ag Alert identifies three growing legal developments in agricultural finance that emerged in 2013 and what to expect and be aware of in 2014....more

Chapter 11 and the Sales Tax Permit

Effective July 1, 2013, Connecticut passed a new law providing that the state must refuse to issue or renew a sales tax permit to any person or entity that owes taxes to the state until the taxes are paid or satisfactory...more

Chapter 11 May Help Save Sales Tax Permits for Distressed Businesses

Effective July 1, 2013, Connecticut passed a new law providing that the State must refuse to issue or renew a sales tax permit to any person or entity that owes taxes to the state until the taxes are paid or satisfactory...more

Equityholder's Strategy for Shifting Tax Burdens to Creditors Upheld by Third Circuit

In re Majestic Star Casino, LLC, F.3d 736 (3rd Cir. 2013), the U.S. Court of Appeals for the Third Circuit broke from other courts by holding that S corporation status (or "qualified subchapter S subsidiary" or "QSub" status)...more

Business Bankruptcies Continue to Decline

Business Bankruptcies Continue to Decline by Joel R. Glucksman on August 13, 2013 Americans have been inundated as of late with news relating to several high-profile business bankruptcies, suggesting that more...more

Potential Personal Liability for Corporate Debts

A business experiencing financial difficulty will typically be forced to allocate its scarce resources toward payment of only some of its creditors. In that process, it is important to keep in mind that for some types of...more

California Quarterly Update -- A Reed Smith Quarterly Update (2nd Quarter 2013)

Welcome to the first edition of a series of quarterly updates from Reed Smith on California state tax developments. Every quarter, we will bring you legal updates and provide some insight on what taxpayers are facing in...more

Tax Filing By Lender Discharges Borrower From Mortgage Liability

If a taxpayer who has borrowed money from bank defaults on repayment and does not repay the bank, the taxpayer will have cancellation of indebtedness income to the extent that the amount due the lender exceeds the value of...more

Tax Talk -- Volume 6, No. 1 -- April 2013

In This Issue: House Ways & Means Committee Proposal Would Require Mark-to-Market for Derivatives and Modify Certain Other Tax Rules; After Months of Anticipation, Final FATCA Regulations Released; Congress Considers...more

Dechert OnPoint: NDNY Bankruptcy Court's Broad Interpretation of the Definition of "Interests" in 363 Sale

A recent decision out of the Bankruptcy Court for the Northern District of New York has brought greater certainty to the interpretation of what qualifies as an “interest” when determining the scope of a Section 363(f) “free...more

New York Bankruptcy Court Adopts Expansive View of Section 363 Free and Clear Assets Sales

Introduction - In a recent decision, the Bankruptcy Court for the Northern District of New York broadly interpreted the meaning of “interest” in the context of determining the scope of a sale free and clear of “liens,...more

March 2013 - SALT Shaker Newsletter

In this issue: - Delivered by Independent Contractors, Undelivered by P.L. 86-272: Order Fulfillment Activities Subject Out-of-State Seller to New York Corporation Franchise Tax - Everything’s Bigger in Texas,...more

Avoiding “Responsible Person” Liability For Payroll and Sales Taxes

One benefit of conducting business through a corporation, limited liability company or other limited liability entity is the “shield” from personal liability that these entities generally afford stockholders, directors and...more

Tax Savings for Employers in Michigan, Tennessee, Ohio, and Kentucky.

The Sixth Circuit: Severance, NOT Subject to FICA. Last month, the Sixth Circuit affirmed a Michigan Bankruptcy Court and District Court order approving a corporate taxpayer's request for refund of FICA (Federal...more

Gaming Legal News - August 23, 2012 • Volume 5, Number 19

In This Issue: - TRIBAL CASINO BANKRUPTCIES – THE TRAIN IS LEAVING THE STATION by Dennis J. Whittlesey: There long has been a legal debate as to whether businesses owned and operated by Indian tribes could either...more

Can You Preserve Your Claims Against a Borrower After Filing a 1099-C Cancellation of Debt?

Borrowers who file a bankruptcy petition are always looking for creative new challenges to claims asserted by their bank creditors. In recent years, debtors have argued that a bank’s issuance of an Internal Revenue Code form...more

IRS Warns That Financial Restructurings Can Jeopardize Tax-Exemption of Bonds

The IRS is planning on sending out letters (“Letters”) over the next few months to several hundred issuers who have experienced covenant or payment defaults from 2007 to the present. The Letters remind issuers of their tax...more

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