Bankruptcy & insolvency taxation by Grant W. Newton PDF

By Grant W. Newton

ISBN-10: 0471228087

ISBN-13: 9780471228080

The millions of mergers, acquisitions, and start-ups that experience characterised the prior ten years of industrial have created progressively more firms in monetary hassle: in particular, a scarcity a gamble capital or quickly funds. for this reason, financial ruin safety is now seen as a strategic circulate to guard organizations from their collectors and make allowance them to reorganize. financial disaster and Insolvency Taxation, 3rd version offers the solutions to the questions monetary managers can have at the tax facets of the "bankruptcy strategy."

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Gation of a debtor is relieved, the debtor’s net worth increases and the debtor may have DOI income under Kirby Lumber. 42 The payment by the debtor did not result in an increase in the guarantor’s net worth, it merely prevented a decrease in the guarantor’s worth. ”43 (vi) Contested Liability Doctrine and Unenforceable Debt Under the contested liability doctrine, a taxpayer who disputes the original amount of a debt and later settles with the creditor on a lesser figure can use the lower amount when computing DOI income.

Section 707(b)(1). The Bankruptcy Tax Act does provide for some exceptions to the related party rules. As one example, brothers and sisters of the debtor are not related parties. C. section 108(e)(4), the acquisition of the debt of a related party from a person who is not a related party can result in DOI income to the debtor (a “direct acquisition”). Thus, if a parent corporation (P) purchases the debt of its subsidiary (S) on the open market, for an amount less than the adjusted issue price, there is DOI income to S.

Commissioner19 involves the Michaels’s sale of their primary residence. In connection with the sale of the house, the mortgage balance was discounted by 25 percent. C. section 1034 when the couple purchased a more expensive residence. C. section 1034. The Tax Court held that the discount was income from the discharge of indebtedness separate from the sale of the property. 3(a)(i). This is not likely, however, because the facts of Michaels do not indicate that the discount was part of the terms of the mortgage.

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Bankruptcy & insolvency taxation by Grant W. Newton

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