Chapter One: Nature of Bankruptcy & Insolvency Proceedings.

1.1 Objectives.

1.2 Alternatives Available to a Financially Troubled Business.

Chapter Two: Discharge of Indebtedness.

2.1 Introduction.

2.2 Discharge of Indebtedness Income.

2.3 Determination of Discharge of Indebtedness Income.

2.4 Section 108(e) Additions to Discharge of Indebtedness Income.

2.5 Section 108(e) Subtractions from Discharge of Indebtedness Income.

2.6 Discharge of Indebtedness Income Exclusions.

2.7 Consequences of Qualifying for Section 108(A) Exclusions.

2.8 Use of Property to Cancel Debt.

2.9 Consolidated Tax Return Treatment.

2.10 Discharge of Indebtedness Reporting Requirements.

Chapter Three: Partnerships and S Corporations: Tax Impact of Workouts and Bankruptcies.

3.1 Introduction..

3.2 Partnerships.

3.3 S Corporations.

Chapter Four: Taxation of Bankruptcy Estates and Debtors.

4.1 Introduction.

4.2 Responsibility for Filing Income Tax Returns.

4.3 Accounting for the Bankruptcy Estate.

4.4 Accounting for the Debtor (Individual).

4.5 Summary.

Chapter Five: Corporate Reorganizations.

5.1 Introduction.

5.2 Elements Common to Many Reorganization Provisions.

5.3 Overview of Specific Tax-Free Reorganizations Under Section 368.

5.4 Acquisitive Reorganizations.

5.5 Stock Acquisitions.

5.6 Single Entity Reorganizations.

5.7 Divisive Reorganizations.

5.8 Insolvency Reorganizations.

5.9 Summary.

Chapter Six: Use of Net Operating Losses.

6.1 Introduction.

6.2 I.R.C. Section 381.

6.3 Restructuring Under Prior I.R.C. Section 382.

6.4 Current I.R.C. Section 382.

6.5 I.R.C. Section 383: Carryovers other than Net Operating Losses.

6.6 I.R.C. Section 384.

6.7 I.R.C. Section 269: Transactions to Evade or Avoid Tax.

6.8 Libson Shops Doctrine.

6.9 Consolidated Return Regulations.

Chapter Seven: Other Corporate Issues.

7.1 Introduction.

7.2 Earnings and Profits.

7.3 Incorporation.

7.4 Liquidation.

7.5 I.R.C. Section 338.

7.6 Other Tax Considerations.

7.7 Administrative Expenses.

7.8 Other Administrative Issues.

Chapter Eight: State and Local Taxes.

8.1 Introduction.

8.2 Income from Debt Discharge.

8.3 Net Operating Loss Carryback and Carryover.

8.4 Bankruptcy Estate.

8.5 Responsibility for Filing Tax Returns.

8.6 Stamp Tax.

8.7 Summary.

Chapter Nine: Tax Consequences to Creditors of Loss from Debt Forgiveness.

9.1 Introduction.

9.2 Nature of Losses.

9.3 Business and Nonbusiness Losses.

9.4 Determination of Worthlessness.

9.5 Secured Debt.

9.6 Reorganization.

Chapter Ten: Tax Procedures and Litigation.

10.1 Introduction.

10.2 Notice and Filing Requirements.

10.3 Tax Determination.

10.4 Bankruptcy Courts.

10.5 Minimization of Tax and Related Payments.

10.6 Appendix: Forms.

Chapter Eleven: Tax Priorities and Discharge.

11.1 Introduction.

11.2 Priorities.

11.3 Tax Discharge.

Chapter Twelve: Tax Preferences and Liens.

12.1 Introduction.

12.2 Tax Preferences.

12.3 Tax Liens.

Appendix A: Internal Revenue Code: Selected Sections.

Appendix B: Senate Report No. 96-1035 on H.R. 5043—Bankruptcy Tax Act of 1980.

Appendix C: Senate Proposed Amendments to H.R. 5043 (Bankruptcy Tax Act of 1980) Adopted by Both Senate and House.

Appendix D: Representative Ullman’s Statement Regarding Bankruptcy Tax Legislation.

Appendix E: Selected Provisions from the General Explanation of the Tax Reform Act of 1986 (H.R. 3838, 99th Congress; Public Law 99-514).

Appendix F: Selected Provisions from the Explanation of the Technical and Miscellaneous Revenue Act of 1988.

Appendix G Tax Consequences of Plan—Revco.

Statutes Citations.

Treasury Regulations, Revenue Procedures, and Revenue Rulings Citations.

Case Index.

Subject Index.