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Tax Aspects of Bankruptcy Law and Practice, 3d

C. Richard McQueen, Jack F. Williams

Binder/Looseleaf

Last Updated: 11/18/2008

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Description

Includes detailed discussions of all the areas of tension between the Bankruptcy Code and the Internal Revenue Code including bankruptcy tax issues from the perspective each. Analyses every important relevant tax decision handed down by the courts in recent years. Covers the IRS's position in unresolved areas and the options available to the debtor, the debtor's insiders, and other creditors. Addresses real problems, substantive issues, procedural steps, and technical tax rules. Plus, offers the best way to anticipate and take advantage of the tax issues when filing and administering a bankruptcy case.

Features

Covers the dischargeability of the debtor's taxes
Discusses the application of the automatic stay to tax collection efforts, setoffs, and refunds
Lays out the tax consequences of abandonment of real property
Includes the priorities of unsecured tax claims, interest, and penalties under Chapters 7, 11, 12, and 13 of the Bankruptcy Code
Includes the separate tax entity rules of IRC §1398 and federal tax liens both in and out of bankruptcy
Provides details on tax issues of Chapter 11 reorganizations, Chapter 12 farm bankruptcies, and Chapter 13 individual reorganizations

Summary Of Contents

Binder

Overview Of Bankruptcy Law

Introduction to Bankruptcy Law
Types of Bankruptcies
Why Bankruptcy?
Commencement of a Bankruptcy Case
Who May Be a Debtor in Bankruptcy?
Fundamental Issues in Bankruptcy
Sources of Information
Bankruptcy and Tax Policy

Tax Collection Outside Of Bankruptcy

Assessment and Deficiency Procedures Generally
Lien for Taxes - Generally
Recorded Federal Tax Liens (Not in Bankruptcy)
Special Rules Relating to Unrecorded and Recorded Federal Tax Liens

Bankruptcy Court Jurisdiction Over Tax Matters

Jurisdiction of the Bankruptcy Courts
The Bankruptcy Amendments and Federal Judgeship Act of 1984
Jurisdiction of Bankruptcy Courts to Determine Tax Liability
An Overview of 11 U.S.C. 505
Determination of Tax Matters Under the Bankruptcy Code

Sovereign Immunity
The Automatic Stay

Assessment and Deficiency Procedures: An Overview
Determination of Tax Liability Under the Bankruptcy Code
The Automatic Stay
Effect of Stay on Limitations Periods

Property Of The Bankruptcy Estate

Tax Attributes
Exemptions
Redemption

The Claims Process
Priorities Of Unsecured Tax Claims In Bankruptcy

Priorities of Unsecured Tax Claims in Bankruptcy
Eighth Priority Unsecured Tax Claims
Priorities and Distributions

Federal Tax Liens In Bankruptcy

Federal Tax Liens Outside of Bankruptcy
Financing Agreements
Special Rules Relating to Federal Tax Liens
Property to Which Federal Tax Lien Attaches
Federal Tax Liens in Bankruptcy
Powers of Trustees Against Collateral Constituting Property of the Estate
A Secured Creditor's Rights in Collateral
Cash Collateral
Specific Treatment of Federal Tax Liens and Priority Tax Claims in Bankruptcy
Lien-Stripping

The Bankruptcy Discharge

Exceptions of Certain Debts from Discharge

Tax Claims And Liens In Chapter 7
Tax Claims And Liens In Chapter 11
Individual Debtor Cases
Tax Claims And Liens In Chapter 12
Tax Claims And Liens In Chapter 13
Avoidable Preferences

Elements of an Avoidable Preference Action
Affirmative Defenses

The Innocent Spouse Defense in Bankruptcy

Joint Tax Returns
Innocent Spouse Defense Outside of Bankruptcy
Innocent Spouse Defense in Bankruptcy

Compromise And Settlement Of Tax Liabilities
Debtor's And Trustee's Reporting And Compliance Issues

Introduction
Accounting Periods to Different Entities
Income Tax Returns
Payroll Taxes
Penalties and Interest
Procedural Pointers for the Debtor and the Trustee

The Separate Entity Rules: IRC 1398
State And Local Taxes
Cancellation Of Indebtedness Prior To 1980 Act

Judicially Developed Rules
Prior Statutory Law Governing Forgiveness of Debt

Cancellation Of Indebtedness Under The 1980 Act

Introduction
Definitions
Determination of COD Income
Exceptions to Cancellation of Indebtedness Rule
Implications for Partnership and S Corporation Debt
Miscellaneous Provisions
Transfer of Property in Satisfaction of Debt

The Tax Consequences Of Abandonment
Preserving Tax Attributes
Nontaxable Transactions

Bankruptcy Reorganizations
Overview of Prior Law
Changes Under the Bankruptcy Tax Act of 1980
Operative Provisions
Other Reorganizations
Tax-Free Transfers to Controlled Corporations

Preservation Of Net Operating Losses

Tax Attributes of Financially Troubled Corporations
Acquisitions to Evade or Avoid Income Tax
Disallowance of Net Operating Losses
Liquidations

Interest, Expenses And Recapture

Interest Expense of Debtors
Interest Income of Accrual Basis Creditors
Deductibility of Bankruptcy Expenses
Recapture of Investment Tax Credit by Taxpayers in Bankruptcy

Reference Book

Bankruptcy Code (Title 11 U.S.C.)
provisions of the Judicial Code (Title 28 U.S.C.) Applicable to Bankruptcy Practice
Bankruptcy Rules and Official Forms as amended
Director's Forms
Internal Revenue Code Provisions (Title 26, U.S.C.) Applicable to Bankruptcy Practice
Selected Treasury Regulations
Revenue Rulings
Revenue Procedures and Treasury Decisions
Internal Revenue Service Forms Relating to Bankruptcy

Filing and Shelving Instructions

Replacement Pages

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