Federal Tax

Corporate Bankruptcy (Portfolio 790)

  • The Portfolio, Corporate Bankruptcy analyzes the tax issues that arise when a corporation files for bankruptcy and does so in the chronological order in which those issues arise in a typical case.

Description

Tax Portfolio, Corporate Bankruptcy, No. 790, analyzes the tax issues that arise when a corporation files for bankruptcy, and does so in the chronological order in which those issues arise in a typical case.

After providing an overview of the tax practitioner’s role in the corporate bankruptcy process, the Portfolio discusses the tax calculus of the decision to file, the tax significance of first-day orders, and the protective steps that should be considered early in the case to preserve the debtor’s tax attributes during and after bankruptcy. The Portfolio then discusses the effect of the bankruptcy filing on tax compliance, the proper treatment of certain key items on the debtor’s tax returns, requests for refunds by the debtor, tax audits of the debtor’s pre-petition years, and the filing of tax claims against the debtor.

The Portfolio next analyzes the tax consequences of the plan of reorganization to the debtor, its creditors, and current shareholders. The Portfolio then discusses the role of the creditors in the reorganization process. Finally, the Portfolio concludes by describing the contents of the plan of reorganization and the disclosure statement from a tax professional’s point of view.

Table of Contents

I. The Role of the Tax Practitioner in the Corporate Bankruptcy Process
II. The Decision to File for Bankruptcy
III. The First-Day Orders
IV. Preserving Tax Attributes During Bankruptcy
V. The Impact of Bankruptcy Filing on Tax Compliance
VI. The Impact of Bankruptcy Filing on the Debtor’s Tax Return
VII. Tax Refunds in Bankruptcy
VIII. Tax Audits in Bankruptcy
X. Tax Consequences of the Reorganization to the Debtor
XI. Tax Consequences of the Reorganization to the Creditors and Equity Holders
XII. The Role of the Creditors
XIII. The Plan of Reorganization
XIV. The Disclosure Statement
XV. Partnerships and Partners in Bankruptcy
XVI. Liquidating Bankruptcies
XVII. International Aspects of U.S. Corporate Bankruptcies
XVIII. The Role of Tax Sharing Agreements
XIX. Post-Confirmation Tax Issues

jenks-carl-2015
Carl Jenks
Retired Partner
Tax Management Portfolio Authors
ridgway-candace-2015
Candace A. Ridgway
Partner
Jones Day
purnell-edward-2015
Edward Purnell
Handong International Law School
laduzinski-coleen-2015
Colleen Laduzinski
Partner
Jones Day
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