In This Presentation:

- Background

• The Bankruptcy Code includes provisions for five different types of cases...

- Tax Consequences for an Individual in Chapter 7 or Chapter 11

.. Ed –The Example

.. Ed Files for Bankruptcy

.. Ed in Bankruptcy

.. Ed’s Taxable Year

.. Ed’s Bankruptcy Estate

.. Ed’s Bankruptcy Estate’s Deductions

.. Ed’s Tax Attributes

.. Ed’s Bankruptcy Estate’s Tax Attributes

.. Discharge of Indebtedness

.. Notes on Attribute Reductions; Basis Reduction Rules; The order of properties subject to basis reduction is addressed in the Regulations (§1.1017-1(a)); Other non-bankruptcy options under IRC §108; Qualified Real Property Business Indebtedness; Qualified Principal Residence Indebtedness; Qualified Farm Indebtedness; and, Deferral of Income from Cancellation of Indebtedness.

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