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Tax Bankruptcy

Read need-to-know updates, commentary, and analysis on Tax issues written by leading professionals.

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

New Partnership Audit Rules Will Require Amendment of All Partnership Agreements by 2018

On November 2, 2015, Congress passed the Bipartisan Budget Act of 2015, Section 1101 of which repeals the long-standing current rules for IRS audits of partnership entities and replaces those rules with a new centralized...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

The Intersection of Bankruptcy and Health Savings Accounts: Are HSA Accounts Exempt From Bankruptcy Estate?

by Burr & Forman on

In 2003, Congress passed the Medicare Prescription Drug, Improvement, and Modernization Act of 2003 (the "Act"). The Act authorized states to create health savings accounts ("HSAs") with tax-preferred treatment to encourage...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

The Oman Update - Official Gazette 1127

by Dentons on

Ministerial Decisions - Ministry of Commerce & Industry - Ministerial Decision No. 315/2015 Giving Effect to the Implementing Regulations of the GCC Unified Law of Anti-dumping, Countervailing Measures &...more

Bankruptcy Beat: The Second Circuit Establishes a Binding Standard For Lien Extinguishment Under a Plan of Reorganization

by Pullman & Comley, LLC on

The Second Circuit Court of Appeals recently issued an opinion, City of Concord, N.H. v. N. New England Tel. Operations, LLC (In re N. New England Tel. Operations LLC), 795 F.3d 343 (2d Cir. 2015), addressing an issue of...more

A Reverse Morris Trust Ruling

by Alston & Bird on

LTR 201542004 at first seems to involve a standard spinoff for the purpose of pursuing a reverse Morris Trust combination of Controlled with a Merger Partner, with the “significant issue” for ruling being a proposed swap of...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

Under the Dome: Inside the Maine State House

by Pierce Atwood LLP on

Under the Dome: Inside the Maine State House provides a high-level overview of recent activity at the Maine State House. Double Whammy in Maine’s Paper Industry - This past week, two northern Maine paper mills...more

Trade Act Reinstates Expired Health Coverage Tax Credit (HCTC)

On July 6, 2015, President Obama signed the Trade Preferences Extension Act of 2015. Among other things, the Trade Act retroactively reinstated the Health Coverage Tax Credit (HCTC), which had previously expired on January...more

California’s Harley-Davidson Decision Rides over Nexus Lines

by McDermott Will & Emery on

On May 28 2015, The California Court of Appeals issued a decision in Harley-Davidson, Inc. v. Franchise Tax Board, 187 Cal.Rptr.3d 672; and it was ultimately about much more than the validity of an election within...more

The government gets paid first: The surprising reach of the Federal Priority Act

by Thompson Coburn LLP on

No matter your industry or line of business, insolvency is not a pleasant process. Debts stack up, paperwork starts flying back and forth, and creditors circle their wagons. But it may surprise even a seasoned corporate...more

New IRS Rulings Should Provide Greater Certainty for Corporate Restructurings

by McDermott Will & Emery on

On May 5, 2015, the Internal Revenue Service (IRS) issued two long-awaited rulings, Rev. Rul. 2015-09 and Rev. Rul. 2015-10, that should ease the lives of corporate tax planners. Each ruling addressed an increasingly common...more

IRS Rulings Clarify Tax Treatment of Multi-Tier Restructuring Transactions

by Latham & Watkins LLP on

By declaring a controversial ruling obsolete, the IRS removes uncertainty surrounding the tax effects of certain corporate restructuring techniques. A pair of revenue rulings the US Internal Revenue Service (IRS)...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

LIHTC exit strategies: Right-sizing the loan

by Thompson Coburn LLP on

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

Bankruptcy Beat: Public Tax Sale to Pay Unpaid Real Estate Taxes Held to Constitute “Reasonably Equivalent Value” for Fraudulent...

by Pullman & Comley, LLC on

A voluntary or involuntary transfer of property by a debtor for less than “reasonably equivalent value” at a time when the debtor is insolvent may be avoided as a fraudulent transfer 11 USC § 548, irrespective of the debtor’s...more

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

by Robinson & Cole LLP on

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

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