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- ISBN: 9781118000779 | 1118000773
- Cover: Hardcover
- Copyright: 2/1/2012
The tax implications of bankruptcy and insolvency affect three basic groups: the debtor, the creditor(s), and the bankruptcy estate's trustee. Each must comply with state and federal tax law and the Bankruptcy Code, all of which are complex and difficult to understand. This book discusses the provisions of Bankruptcy Code applicable to businesses that have filed a chapter 7 or chapter 11 bankruptcy petition in detail. Updated chapters will include: Recent case studies and discussion of variation issues arising in S corporations due to the tax advantage. Discussion on the new regulations dealing with consolidated tax return treatment that have major applications to tax impact for companies in chapter 11. The provisions of "The Work, Homeownership, and Business Assistance Act of 2009-5 year NOL Carryback Provision". An introduction to the tax changes in 2005 to the Bankruptcy Code, other tax statues and state tax laws as they impact bankruptcy. Discussion of dealing with tax consequences of liquation or distribution of assets through a plan administration in chapter and/or chapter 11 liquidations. The provisions of the 2005 Bankruptcy Act that modified the extent to which individuals cold obtain a discharge of debts, including taxes.