Details

This course provides a basic background in tax issues that affect troubled companies, with special attention to tax issues that arise under the Bankruptcy Code. The course will emphasize the tax consequences that can flow from transactions while a case is pending under Title 11 or when a taxpayer engages in an insolvency workout. Additionally, the course will cover the treatment of tax claims in bankruptcy and the litigation of tax liabilities in bankruptcy court. The course will primarily focus on corporations in bankruptcy under Chapter 11 although there will be some discussion of the tax effects on individuals and partnerships. Specific topics to be covered include modifying debt and its consequences, the exclusion for discharge of indebtedness income, taxable versus tax-free reorganizations of companies in bankruptcy, special net operating loss change in ownership rules, and certain related consolidated return considerations.