New PDF release: Bankruptcy and Insolvency Taxation

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 previous ten years of industrial have created more and more agencies in monetary hassle: particularly, a scarcity a raffle capital or quickly money. for this reason, financial ruin defense is now considered as a strategic flow to guard companies from their collectors and make allowance them to reorganize. financial ruin and Insolvency Taxation, 3rd variation offers the solutions to the questions monetary managers may have at the tax features of the "bankruptcy strategy."

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Extra resources for Bankruptcy and Insolvency Taxation

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As part of a settlement with the bank, the partnership satisfied the debt for less than the amount due. The IRS found that the corporation (not the partnership) recognized DOI income, which was excluded to the extent of its insolvency. Another case involving the identity of the debtor is Plantation Patterns, Inc. v. 56 Even though the corporation made all payments due on the debentures, the Fifth Circuit considered the circumstances that 53 The criteria by which to judge the nature of an instrument follow: (1) intent of the parties; (2) identity between creditors and shareholders; (3) extent of participation in management by the holder of the instrument; (4) ability of the corporation to obtain funds from outside sources; (5) “thinness” of the capital structure in relation to debt; (6) risk; (7) formalities; (8) relative position of the obligees as to other creditors; (9) voting power of the holder; (10) fixed rate of interest; (11) contingency on the repayment obligation; (12) source of interest payments; (13) fixed maturity date; (14) provision for redemption by the corporation; (15) provision for redemption at the option of the holder; and (16) timing of the advance with reference to the organization of the corporation.

Before Phillip Morris repaid the loan, the value of the dollar increased relative to the borrowed foreign currency. , it converted fewer dollars into the foreign currency) to satisfy its obligations. Phillip Morris did realize a “foreign exchange gain” on the repayment of the foreign currency loan, but the gain was not DOI income. The Tax Court noted that “the teaching of Centennial Savings is clear, namely that the discharge of an indebtedness may be an occasion for the realization of income but, unless there is a cancellation or forgiveness of a portion of the indebtedness not reflected in the terms of the indebtedness, such income is not discharge of indebtedness income.

CCH) 317 (1987). See also Significant Service Center Advice 200235030 (June 3, 2002). 59 Cozzi v. C. 435, 445 (1987). C. Summary Opinion 2001-74 (2001). 3d 924 (9th Cir. C. 184 (1996). 4(a) Debt Acquired by Related Party: Section 108(e)(4) Los Angeles to Irwindale, California. In connection with the move, the Raiders executed a Memorandum of Agreement (MOA) with the city of Irwindale for a $115 million loan to finance a football stadium. Irwindale advanced the Raiders $10 million of the $115 million.

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Bankruptcy and Insolvency Taxation by Grant W. Newton


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