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Creditors Tax Liability

Seward & Kissel LLP

Exclusive Relationship, the Tax Man Settleth, and Meet Virginia?

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Below is our initial take on recent bankruptcy-related developments: Yellow’s Shareholders Get Desired Ruling in Delaware Bankruptcy Court - On Monday, a Delaware bankruptcy court granted Yellow Corp. a 90-day...more

Troutman Pepper

How Can I Claim a Business Bad Debt Deduction? - Creditor's Rights Toolkit

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The Internal Revenue Code permits a business bad debt deduction when a customer fails to pay for the services rendered or the products supplied by your business. However, the ability to claim an ordinary deduction with...more

Rivkin Radler LLP

Debt or Equity? The Never-Ending Question For Closely Held Businesses

Rivkin Radler LLP on

What Was Intended? Transactions between commonly controlled, closely held businesses are often conducted in an informal manner. This is unfortunate because, in the absence of documentation, it is sometimes difficult to...more

Davies Ward Phillips & Vineberg LLP

Canada's Top Court Decides Against Equitable Rescission in Collins Family Trust

“Equity has no place here,” held the Supreme Court of Canada in its 8-1 decision in Canada (Attorney General) v Collins Family Trust (Collins), 2022 SCC 26, on June 17. Reversing the decisions of the British Columbia courts...more

Rivkin Radler LLP

Me, Myself, and I: Tax Liabilities and Dealing with One’s Own Business

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“It’s My Business”- The owner of a closely held business will often find it difficult to distinguish the business from their own person. That is certainly true for a sole proprietorship. In many cases, unfortunately, the...more

McGlinchey Stafford

Straddle-Year Tax Debts in Bankruptcy: Does the King Get Paid First? [More with McGlinchey, Ep. 14]

McGlinchey Stafford on

The Internal Revenue Service is often a significant creditor in a bankruptcy proceeding, frequently taking priority over other creditors. In this episode, McGlinchey Tax attorney Douglas Charnas (Washington, DC) and Financial...more

Mayer Brown Free Writings + Perspectives

Debt Restructuring During the COVID-19 Pandemic – Key Tax Considerations

The global COVID-19 pandemic has placed an unprecedented stress on the ability of businesses to service their debt. Certain businesses—such as oil and gas, airlines, cruise lines, hospitality, brick-and-mortar retailers, and...more

Best Best & Krieger LLP

Best in Law: Take Some Time with Your Minute Book

BB&K Business Attorney Brian Reider Discusses the Importance of Minute Books in the Southern California Newspaper Group - Looking back at the year, one recurring theme emerges with corporate clients and their...more

Foley & Lardner LLP

Can an Out-of-the-Money Junior Creditor Share in a Free-and-Clear Bankruptcy Sale?

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On July 9, 2018, the U.S. Court of Appeals for the Seventh Circuit issued an important opinion raising the possibility that out-of-the-money junior creditors might be entitled to share in the proceeds of a free-and-clear...more

Proskauer Rose LLP

The Emergence of Third Party Preferred Equity as a Financing Device

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Increasingly, buyout sponsors are turning to third party preferred equity as a financing tool for their transactions. Structured to be treated as equity for debt rating agencies, bank regulatory regimes and in-place debt...more

Farrell Fritz, P.C.

Shareholder Liability For Corporate Income Tax?

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Limited Liability - In general, the creditors of a corporation cannot recover the corporation’s debts from its shareholders—the shareholders enjoy the benefit of limited liability protection as a matter of state law....more

Dechert LLP

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

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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

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