Tax Issues In Bankruptcy And Insolvency

"Tax Issues in Bankruptcy and Insolvency, Second Edition, brings together in a single, convenient source a comprehensive and authoritative review of tax problems and procedure in bankruptcy and insolvency, as well as substantive law. The text provides discussions of the principal authorities and citations to bankruptcy and related laws and regulations and leads the reader step-by-step through the range of problems typically encountered in business bankruptcy, with a special focus on what constitutes taxable income from debt adjustment and cancellation. Everything is explained in clear, jargon-free English, and backed up with hands-on planning pointers, clearly worked examples, and sample filings and forms."--Publisher website.

The thousands of mergers, acquisitions, and start-ups that have characterized the past ten years of business have created an increasing number of corporations in financial trouble: specifically, a shortage of venture capital or quick cash. Consequently, bankruptcy protection is now viewed as a strategic move to protect corporations from their creditors and allow them to reorganize. Bankruptcy and Insolvency Taxation, Third Edition provides the answers to the questions financial managers will have on the tax aspects of the "bankruptcy strategy."

Tax and Insolvency is a concise guide to the tax issues that arise and should be considered when a company becomes insolvent or is under administration. Recent changes in tax reform and the new business tax system amendments have brought about changes that affect corporate equity and debt, access to tax losses and other corporate taxes. Tax and Insolvency provides: An up-to-date overview of the rules in the Taxation Administration Act; The responsibilities of liquidators, receivers and administrators; Relevant references to leading cases; References to the developing attitudes of the courts and regulatory bodies.

The 2007 Cumulative Supplement includes the following updates: Chapter 1 is updated to include the general provisions of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. Includes tax changes in the Act, several recent cases and directives issued by the Internal Revenue Service and the Treasury, and the adjustments to dollar amounts for petitions filed after March 31, 2007. Chapter 8 has been completely rewritten and included in this supplement to incorporate the state and local tax issues in the 2005 Act.

Tax Planning for Troubled Corporations, by noted tax attorneys Gordon D. Henderson and Stuart J. Goldring, clearly outlines the steps involved in corporate bankruptcy proceedings and examines the tax procedural aspects of bankruptcy. This classic treatise provides crystal clear analysis and guidance for any company considering bankruptcy filing and for tax, financial and legal advisors to such companies. It examines the full gamut of tax aspects, consequences and considerations of bankruptcy and non-bankruptcy restructuring of financially troubled businesses -- from the corporation's initial tax payment and reporting obligations through the claims resolution process, to the payment and discharge of tax claims pursuant to a confirmed Chapter 11 plan.

Written by a leading bankruptcy tax and accounting specialist and KPMG Tax partner from the Bankruptcy Practice Group who is also National Director of the firm2s Technical Tax Services for Subchapter C. Updates to chapters to reflect new cases that have been decided and pronouncements issued by the IRS An explaination on the confict that exists among circuit courts and the IRS2s position regarding the stepped-up basis in stock of an S corporation resulting from cancellation of debt A discussion on regulations issued by the IRS and the Treasury dealing with continuity of shareholder interst, remote continuity of interest and continuity of business enterprise, soley for voting stock requirements, and stock rights connected with regorganizations A discussion of modifications to the final and temporary section 1060 and section 338(B) regulations and the subsequent issue of new temporary reulations, effective for accquisitions on or after January 6, 2000, replacing and removing previous regulations under sections B38 and 1060.