Grant W. Newton's Bankruptcy and Insolvency Taxation PDF

By Grant W. Newton

ISBN-10: 0471228087

ISBN-13: 9780471228080

ISBN-10: 0471656860

ISBN-13: 9780471656869

The millions of mergers, acquisitions, and start-ups that experience characterised the earlier ten years of commercial have created a growing number of enterprises in monetary hassle: in particular, a scarcity a bet capital or fast funds. as a result, financial ruin safety is now seen as a strategic circulation to guard agencies from their collectors and make allowance them to reorganize. financial disaster and Insolvency Taxation, 3rd variation presents the solutions to the questions monetary managers could have at the tax facets of the "bankruptcy strategy."

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Although calculation of the adjusted issue price is the more controversial part of this equation, sometimes the valuation of the repurchase price is at issue. For example, in Yamamoto v. 7 million by another corporation. The taxpayer owned both the creditor corporation and the debtor corporation. 7 million note from the debtor corporation to the creditor corporation. 7 million note was zero, that is, no one would purchase the note due to the poor financial condition of the debtor corporation. 6 million when the worthless note was assigned.

Although the characterization of the income may not have made a difference under the facts of the case, it could easily have significant implications if the debtor were in bankruptcy or insolvent. (b) Is the Obligation Indebtedness? Another threshold issue is whether the obligation is “indebtedness” for federal income tax purposes. C. section 108 rules do not apply. For closely held corporations, the nature of an instrument as debt or equity may be questioned. 53 (c) Who Is the Debtor? If there are multiple debtors liable for a debt that is cancelled, any DOI income must somehow be allocated among the debtors.

Trustee deems it to be appropriate, file with the court comments with respect to the approval of such applications. • Perform other duties that the Attorney General may prescribe. 3 Determination of Discharge of Indebtedness Income (a) What Is Discharge of Indebtedness Income? (i) In General, 24 (ii) Discharge of Recourse and Nonrecourse Debt, 26 (iii) Transfer or Repurchase of Debt, 27 (iv) Income Other Than Discharge of Indebtedness, 28 (v) No Income, 30 (vi) Contested Liability Doctrine and Unenforceable Debt, 31 (b) Is the Obligation Indebtedness?

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Bankruptcy and Insolvency Taxation by Grant W. Newton


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