Bankruptcy Tax Finance & Banking

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What Might a Trump Administration Mean for Bankruptcy Lawyers?

Inauguration is still about 2 months away, but it is not too early to begin thinking about what the Trump Administration will mean for commercial lawyers in general and bankruptcy lawyers in particular....more

Recent Tax Court Case Rules on Treatment of Madoff Account

In a recent Tax Court decision, Harry H. Falk, and Steven P. Heller, Co-Executors, v. Commissioner of the Internal Revenue, the United States Tax Court ruled that in the case of the Madoff Ponzi scheme, an estate which paid...more

Are Those Taxes Owing On Your Late-Filed Tax Return Dischargeable? Maybe, But You Better Be In The Right Circuit

Individual debtors with old tax debts relating to late-filed tax returns may be surprised to find that those tax debts may not be dischargeable under section 523(a) of the Bankruptcy Code due to the lateness of the tax...more

This Week: Join Us at the ABI Northeast Bankruptcy Conference

The 23rd annual Northeast Bankruptcy Conference takes place this week, from July 14-17, at the Omni Mount Washington Resort in Bretton Woods, New Hampshire. This conference provides a great opportunity to gain insight into...more

Brexit Q&A: Business Implications

On Thursday 23 June 2016, the UK electorate voted to leave the European Union. While this vote was advisory in nature, we expect that ultimately the UK Government and Parliament will respect the outcome and serve notice to...more

Court Holds Drafting Contracts Violates Sarbanes-Oxley

Section 802 of the Sarbanes-Oxley Act added the following provision to 18 U.S.C. § 1519: “Sec. 1519. Destruction, alteration, or falsification of records in Federal investigations and bankruptcy - Whoever knowingly...more

Good News on “Bad Boy” Guarantees – IRS Reverts to Prior Position in Recent Legal Advice Memorandum

On April 15, 2016, the IRS released a generic legal advice memorandum (GLAM 2016-001) (the “April GLAM”) addressing the impact of so-called “bad boy” guarantees (also known as nonrecourse carve-out guarantees) on the...more

MoFo Tax Talk - Volume 9, No. 1

IRS Publishes Proposed section 305(c) Regulations - On April 12th, the IRS published proposed regulations under Section 305(c) that address the treatment of deemed dividends to holders of stock and rights to acquire...more

Your daily dose of financial news The Brief – 4.21.16

Dealbook’s White Collar Watch gives us a legal take on the many challenges, regulatory and otherwise, facing Elizabeth Holmes’ Theranos – NYTimes... The international financial scandal du jour (the Panama Papers) is...more

IRS Agrees Traditional Bad Boy Guarantees Do Not Change Character of Nonrecourse Loan

The Internal Revenue Service has apparently seen the light — at least with respect to the effect of “bad boy” guarantees on a loan that is otherwise nonrecourse for income tax purposes. Last month, we reported that the IRS...more

Virtual Currency Guidelines

Despite growing pains, digital currencies and blockchain may be the future of payments and global finance. As with any disruptive technology that gains popularity quickly, building the legal framework to support it is...more

Private Equity Funds Liable for Portfolio Company's Pension Obligations

A U.S. District Court issued a ruling on March 28 that affects pension liabilities for private equity funds and their portfolio companies. Taken further, the ruling potentially changes fundamental rules for tax-qualified...more

Tax Treatment of “Bad Boy Guarantees” Challenged by Recent IRS Memorandum

I. OVERVIEW - A recently released legal memorandum by the Internal Revenue Service (IRS) Office of Chief Counsel, CCA 201606027 (the “Memorandum”), concluded that a so-called “bad boy guarantee” provided by a sponsor of...more

Bad Boy Guarantee May Cause Deductions From Nonrecourse Loan to be Reallocated

In a recent Internal Litigation Memorandum, the Internal Revenue Service found that a nonrecourse loan containing certain “bad boy” guarantees required the loan to be treated as a recourse loan for federal income tax...more

Secured Creditors Beware: Liability Lurks in Lockboxes

Lenders and secured creditors often require that debtor-customers direct all receivable collections into a lockbox, hoping to wrangle any available proceeds to apply to their debtors’ outstanding debt. In requiring a debtor...more

Loan Transaction Costs IRA its Bankruptcy Exemption

A recent case illustrates a common problem with IRAs when their participants declare bankruptcy. Generally, IRAs are exempt assets in bankruptcy proceedings, and are thus beyond the reach of the bankrupt individual’s...more

Secured Creditors in Section 363 Sales Be Aware -Your Proceeds May Be Used to Satisfy the Debtor’s Unpaid State Tax Liabilities

It is a basic feature of sales under section 363 of the U.S. Bankruptcy Code, that the purchaser takes free and clear of all claims and interests, such claims and interests attach to the proceeds of the sale in accordance...more

The 1099-C Issue: Potential Tax Liability in Debt Settlement and Bankruptcy

When you owe debts that you cannot pay most will look to one of two options – debt settlement or bankruptcy. What many don’t realize is that in some circumstances there is the potential for additional tax liability even if...more

3 Strategies to Getting the Lowest Debt Settlement Possible

Settling debt is the process of negotiating with your creditors a payment less than the total amount owed. Often times people feel that as a person who is struggling to pay your bills that you are negotiating from a weaker...more

Reinstatement of a LIHTC LURA following foreclosure

Note: This post is the final 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

LIHTC exit strategies: Right-sizing the loan

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

Continued Disagreement: Use of Federal Debt Collection Laws to Expand Fraudulent Transfer Look-Back Periods

In Ebner v. Kaiser (In re Kaiser), the U.S. Bankruptcy Court for the Northern District of Illinois allowed a bankruptcy trustee to employ the 10-year look-back period, available to the Internal Revenue Service (IRS) under the...more

IRS Will Not Follow Partner COD Bankruptcy Exception Cases

In a new Action on Decision (AOD 2015-10), the IRS stated that it will not follow the Tax Court’s 2004 Martinez decision, which had allowed a general partner to exclude cancellation of debt (COD) income from a partnership in...more

Commercial Restructuring & Bankruptcy Alert - February 2015

In This Issue: - Minority Holders Gain Leverage Through Recent Interpretation of Trust Indenture Act - New Jersey Joins Number of States Creating Specialty Business Courts - Credit Bid Rights Bolstered in...more

The valuation process for LIHTC projects in financial distress: Part II

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

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