Business Organization Bankruptcy Tax

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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

It Wasn’t Wirth It: Nonresident Limited Partners Liable for Personal Income Tax on Discharge of Nonrecourse Debt

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

Statutory Exemption from U.S. Withholding Tax on Dividends Remains

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

Decanting By Various Means

Decanting By Various Means by James F. McDonough, Jr. on October 8, 2013 Decanting is a popular topic among wealth advisers, trust companies, and tax professionals. In the wine industry, it means putting old wine into...more

Judge Allows Detroit to Keep Casino Tax Revenue

Judge Allows Detroit to Keep Casino Tax Revenue by Joel R. Glucksman on October 8, 2013 Detroit will be allowed to continue accessing casino tax revenue during its bankruptcy proceedings while negotiations with...more

IRS Releases New Regulations for Deductible Business Repairs

IRS Releases New Regulations for Deductible Business Repairs by Joseph M. Donegan on October 4, 2013 The Internal Revenue Service released a new set of guidelines governing tax-deductible business repairs, which may...more

Atari Files Reorganization Plan to Exit Bankruptcy

Atari Files Reorganization Plan to Exit Bankruptcy by Joel R. Glucksman on October 4, 2013 Video-game maker Atari, Inc. has filed a reorganization plan in the U.S. Bankruptcy Court in Manhattan with the support of its...more

IRS Scores $13 Million Victory Against BMC Software

IRS Scores $13 Million Victory Against BMC Software by Frank L. Brunetti on October 2, 2013 The Internal Revenue Service landed a huge victory in U.S. Tax Court recently, and the ruling may have significant implications...more

U.S., Cayman Islands Reach Tax Deal

U.S., Cayman Islands Reach Tax Deal by Joseph M. Donegan on August 28, 2013 Falling in line with the push for greater global collaboration to combat tax evasion, the United States and the Cayman Islands have reached a...more

Bankruptcy Judge Hesitant to Approve AMR’s Bankruptcy Plan

Bankruptcy Judge Hesitant to Approve AMR’s Bankruptcy Plan by Joel R. Glucksman on August 27, 2013 The Justice Department's unexpected antitrust lawsuit that is designed to halt the merger of US Airways and American...more

Spouses Should Be Aware of ‘Gift-Splitting’ Criteria when Gifting Assets

Spouses Should Be Aware of ‘Gift-Splitting’ Criteria when Gifting Assets by Frank L. Brunetti on August 26, 2013 Lawmakers' decision to both set the estate tax at $5.25 million for 2013 and increase the annual gift tax...more

National Ambulatory Services Firm Seeks Chapter 11 Bankruptcy Protection

National Ambulatory Services Firm Seeks Chapter 11 Bankruptcy Protection by Joel R. Glucksman on August 16, 2013 Rural/Metro, an ambulance and fire protection services company, announced it has filed for Chapter 11...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

Illinois Beer Distributor Seeks Chapter 11 Bankruptcy Protection

Illinois Beer Distributor Seeks Chapter 11 Bankruptcy Protection by Joel R. Glucksman on August 9, 2013 A popular Anheuser-Busch distributor sought Chapter 11 bankruptcy protection in Illinois this week, in the hopes of...more

Should Detroit Follow Central Falls’ Bankruptcy Strategy?

Should Detroit Follow Central Falls’ Bankruptcy Strategy? by Joel R. Glucksman on August 6, 2013 In the wake of Detroit filing the largest municipal bankruptcy in U.S. history, many analysts are looking at the...more

First Circuit Holds Private Equity Fund May Be Liable For Portfolio Company’s Pension Liability

On July 24, the U.S. Court of Appeals for the First Circuit held that two private equity funds managed by Sun Capital could be liable for their portfolio company’s withdrawal liability from a multiemployer pension plan (Sun...more

Endicott Interconnect Technologies Seeks Bankruptcy Protection

Endicott Interconnect Technologies Seeks Bankruptcy Protection by Joel R. Glucksman on August 2, 2013 Endicott Interconnect Technologies has filed for bankruptcy protection with the U.S. Bankruptcy Court in Utica, and...more

Detroit Businesses See Bankruptcy as Opportunity for 'Stability'

Detroit Businesses See Bankruptcy as Opportunity for ‘Stability’ by Joel R. Glucksman on August 1, 2013 When cities file for municipal bankruptcy protection, public works projects, civil servants, and public...more

"Potential New Tax Planning Opportunities for Financially Distressed Pass-Through Entities"

In a decision issued last week, the U.S. Court of Appeals for the Third Circuit held that a debtor’s qualified subchapter S subsidiary (QSub) status is not property of the bankruptcy estate. The Third Circuit’s opinion...more

California Court Finds Securitization Entities Subject to California Income Tax

A California Superior Court has issued a decision with significant impact on financial services. In the case, Harley-Davidson, Inc. v. Franchise Tax Board, San Diego Superior Court Judge Joel Pressman held that...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

Perspectives on Real Estate - Fall 2012

In This Issue: - Energy Consumption Data Reporting in California – AB 1103 and 531 - Real Estate and Construction Risk Management: Tips to Ensure Your Status as an Additional Insured - Attention: New Foreign Tax...more

Court Finds Exigent Circumstances Warrant Appointment of Receiver for an Insolvent, Closely Held Corporation

The Delaware Chancery Court recently found that exigent circumstances necessitated the appointment of a receiver for an insolvent company under section 291 of the Delaware General Corporation Law (DGCL). The insolvent company...more

Estate of Badii ex rel. Badii v. Metropolitan Hospice, Inc., C.A. No. 6192-VCP (Del. Ch. Mar. 12, 2012) (Parsons, V.C.)

In this memorandum opinion, the Court of Chancery appointed a receiver for an insolvent corporation deadlocked over how to discharge a tax lien. Defendant Metropolitan Hospice, Inc. (“MHI”), a closely held corporation,...more

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