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Finance & Banking Bankruptcy Tax

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Bankruptcy Settlements Post-Jevic: Potential New Requirements for Priority-Altering Settlements

As noted in a recent Distressing Matters post, the United States Supreme Court in In re Jevic Holding Corp. held that debtors cannot use structured dismissals to make payments to creditors in violation of ordinary bankruptcy...more

Blockchain and the Law - Overview of token sales and bitcoin property rights

by Perkins Coie on

On March 29, 2017, Perkins Coie partner Dax Hansen and associate Josh Boehm were invited to the Cyber Initiative at Stanford Law School to deliver a presentation on several cutting-edge legal issues relating to blockchain...more

UK Regulator Proposals to Amend Client Money Distribution Rules

by Shearman & Sterling LLP on

The FCA published a consultation paper on proposed changes to the client money distribution rules in the Client Assets Sourcebook of the FCA Handbook - CASS 7A - as a result of the special administration regime review. The...more

Court Considers Priority of Replacement Mortgage Over Federal Tax Lien

by Miles & Stockbridge P.C. on

In the case of Wells Fargo Bank, N.A. v. Svenby, 118 AFTR 2d 2016-5751 (September 8, 2016), the U.S. District Court for the Middle District of Alabama held that Wells Fargo’s replacement mortgage had priority over a Federal...more

First Circuit: Sending Form 1099-A Post-Chapter 7 Discharge Does Not Violate the Discharge Injunction

by Goodwin on

On December 14, 2016, the United States Court of Appeals for the First Circuit affirmed the New Hampshire Bankruptcy Court and District Courts’ findings that a mortgage lender sending Internal Revenue Service Form 1099-A to a...more

Banking & Financial Services E-Note - December 2016

by Burr & Forman on

Last month, the IRS issued final regulations repealing its rule requiring that a Form 1099-C be filed whenever a financial institution (or certain other limited taxpayers) fails to receive payment on a debt for 36 consecutive...more

How to Eliminate IRS Tax Debt in Arizona

by John Skiba on

When it comes to IRS tax debt none of the typical debt collection rules apply. The IRS has power to take your money and lien your home without even filing a lawsuit. This is much different than the standard unsecured...more

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

by Bryan Cave on

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

by Bryan Cave on

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

by PretiFlaherty on

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

by Shearman & Sterling LLP on

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

by Mintz Levin on

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

by Morrison & Foerster LLP on

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

by Robins Kaplan LLP on

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

Virtual Currency Guidelines

by BakerHostetler on

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

by McCarter & English, LLP on

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

by Morrison & Foerster LLP on

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

Secured Creditors Beware: Liability Lurks in Lockboxes

by Cole Schotz on

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

by Charles (Chuck) Rubin on

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

by Dechert LLP on

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

by John Skiba on

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

by John Skiba on

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

by Thompson Coburn LLP on

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

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