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Articles 391 - 420 of 429

Full-Text Articles in Bankruptcy Law

Why Have Chapter 11 Bankruptcies Failed So Miserably? A Reappraisal Of Congressional Attempts To Protect A Corporation's Net Operating Losses After Bankruptcy, Michelle A. Cecil Jan 1992

Why Have Chapter 11 Bankruptcies Failed So Miserably? A Reappraisal Of Congressional Attempts To Protect A Corporation's Net Operating Losses After Bankruptcy, Michelle A. Cecil

Faculty Publications

This Article will first outline the history of judicial and statutory limitations on the free transferability of net operating losses, highlighting congressional attempts to afford more favorable treatment to troubled corporations reorganizing in Title 11 proceedings. It will then examine the operation of section 382 of the 1986 Code, again focusing on those provisions designed to assist in the successful reorganization of these corporations, and will demonstrate the wholesale inability of these provisions to preserve the net operating losses of troubled corporations. Finally, the Article will propose an amendment to section 382 that would increase the likelihood that corporations will …


University Of Richmond Law Review Jan 1992

University Of Richmond Law Review

University of Richmond Law Review

No abstract provided.


Bankruptcy As An Alternative To The Statute Of Limitations For Relief From Overdue Income Taxes, Harold E. Wolfe Jr. Jan 1989

Bankruptcy As An Alternative To The Statute Of Limitations For Relief From Overdue Income Taxes, Harold E. Wolfe Jr.

Akron Tax Journal

This article analyzes the situations in which a bankruptcy filing could be used as an alternative to the expiration of the statute of limitations on collections and sets forth various considerations that should be reviewed by the practitioner prior to a bankruptcy filing. Practitioners are cautioned that there are many collateral consequences resulting from a taxpayer's bankruptcy petition filing and each case must be analyzed carefully in light of the interplay of the Bankruptcy Code, the Internal Revenue Code and the sparse case law available in this area.


Bankruptcy - A Debtor Under Reorganization Pursuant To Chapter 11 Of The Bankruptcy Code Cannot Designate The Allocation Of Its Priority Tax Liabilities, Richard Silpe Jan 1988

Bankruptcy - A Debtor Under Reorganization Pursuant To Chapter 11 Of The Bankruptcy Code Cannot Designate The Allocation Of Its Priority Tax Liabilities, Richard Silpe

Villanova Law Review (1956 - )

No abstract provided.


The Tax Benefit Rule -- A Judicially Broadened Tool For Transactional Tax Equity, Jerry N. Smith Nov 1984

The Tax Benefit Rule -- A Judicially Broadened Tool For Transactional Tax Equity, Jerry N. Smith

Vanderbilt Law Review

In light of the recent Supreme Court holding in United States v. Bliss Dairy, Inc.10 that the tax benefit rule requires income recognition by a corporation when it distributes previously expensed assets in complete liquidation, this Note assesses the dubious continued vitality of the tax benefit rule's single taxpayer construct-that is, the requirement that the same individual or entity serve as both the deducting and the recovering taxpayer. As the following analysis indicates, expansion of the tax benefit rule into a multiple taxpayer construct potentially requires some form of "recapture" in numerous factual settings previously considered non-taxable under existing nonrecognition …


Tax Superiority In Bankruptcy—A Study Of Business Bankruptcy Distributions In The Southern And Western Districts Of New York, Peter D. Wolfson Oct 1977

Tax Superiority In Bankruptcy—A Study Of Business Bankruptcy Distributions In The Southern And Western Districts Of New York, Peter D. Wolfson

Buffalo Law Review

No abstract provided.


Title To Property: The Income Tax Refund Check As An Asset Of The Wage Earner's Bankruptcy Estate, Michael B. Colgan Jan 1974

Title To Property: The Income Tax Refund Check As An Asset Of The Wage Earner's Bankruptcy Estate, Michael B. Colgan

Kentucky Law Journal

No abstract provided.


Perfection Of A California Tax Lien., Lewis D. Wall Sep 1973

Perfection Of A California Tax Lien., Lewis D. Wall

St. Mary's Law Journal

Abstract Forthcoming.


Bankruptcy - Title To Property - Personal Bankrupt's Income Tax Refund Passes To Trustee As Part Of Estate, Garry Paul Jerome Jan 1973

Bankruptcy - Title To Property - Personal Bankrupt's Income Tax Refund Passes To Trustee As Part Of Estate, Garry Paul Jerome

Villanova Law Review (1956 - )

No abstract provided.


Federal Tax Liens In Bankruptcy Sep 1966

Federal Tax Liens In Bankruptcy

Washington and Lee Law Review

No abstract provided.


Abstracts Of Recent Cases, Ralph Judy Bean Jr. Jun 1965

Abstracts Of Recent Cases, Ralph Judy Bean Jr.

West Virginia Law Review

No abstract provided.


Abstracts Of Recent Cases, Boyd Lee Warner Ii Dec 1963

Abstracts Of Recent Cases, Boyd Lee Warner Ii

West Virginia Law Review

No abstract provided.


Bankruptcy-Federal Tax Claims-Accrual Of Post-Petition Interest, Robert Lane Jan 1962

Bankruptcy-Federal Tax Claims-Accrual Of Post-Petition Interest, Robert Lane

Michigan Law Review

In 1953 taxpayer filed a petition and was discharged in bankruptcy owing federal withholding and social security taxes for 1951. In 1958 taxpayer became entitled to a refund on his 1953-1954 taxes. The Commissioner applied a portion of this ·refund against the balance of the tax for the year 1951, plus accrued interest to 1958. Taxpayer claimed that he was not liable for the interest which had accrued during the period between the date of petition in bankruptcy and the date of refund. When the Commissioner disallowed his claim, the taxpayer brought an action in district court to recover the …


Federal Tax Liens In Bankruptcy, Pierre R. Loiseaux Dec 1961

Federal Tax Liens In Bankruptcy, Pierre R. Loiseaux

Vanderbilt Law Review

In this article, the author considers the peculiarly preferred position of the tax lien under section 67 of the Bankruptcy Act. From his consideration of the position of the trustee and the claim of the government he concludes that the law as presently applied is inequitable. He advocates that the government's secret lien be held invalid against the trustee, that the inchoate lien doctrine should not be applied in bankruptcy, and that the doctrine of Moore v. Bay be modified.


The Rights Of A Trustee In Bankruptcy As Against A Federal Tax Lien Apr 1960

The Rights Of A Trustee In Bankruptcy As Against A Federal Tax Lien

Indiana Law Journal

No abstract provided.


Bankruptcy - Priorities - Priority Status Of Tax On Wages Earned But Unpaid At Time Of Bankruptcy, John F. Powell Feb 1958

Bankruptcy - Priorities - Priority Status Of Tax On Wages Earned But Unpaid At Time Of Bankruptcy, John F. Powell

Michigan Law Review

The State of California demanded that a trustee in bankruptcy pay the employer's tax due on wages earned by the employees of the bankrupt. The wages were earned within the three-month period prior to the petition in bankruptcy but had not been paid prior to bankruptcy. The trustee did not continue the operation of the bankrupt's business. The United States district court reversed the Referee and ordered the trustee to pay the tax claim. The court of appeals affirm. ed. On rehearing, held, affirmed. Since the tax is not due until the wages are actually paid, the tax accrues …


Taxation - Liens -Priority Of A Subsequent Federal Tax Lien Over An Antecedent Inchoate Lien, John B. Huck S.Ed. Apr 1956

Taxation - Liens -Priority Of A Subsequent Federal Tax Lien Over An Antecedent Inchoate Lien, John B. Huck S.Ed.

Michigan Law Review

The purpose of this comment is to analyze the rationale, in terms of both statutory construction and policy, of the theory that only a choate garnishment lien is superior to a subsequent tax lien.


Taxation-Federal Income Tax-Status Of Payment Of Corporate Liability By Stockholder Subsequent To Liquidation, George V. Burbach S.Ed. Mar 1953

Taxation-Federal Income Tax-Status Of Payment Of Corporate Liability By Stockholder Subsequent To Liquidation, George V. Burbach S.Ed.

Michigan Law Review

Petitioners, from 1937 to 1940, received distributions from the liquidation of a corporation of which they were stockholders and reported the profits thus obtained, classifying them as capital gains pursuant to I.R.C., §115. In 1944, a judgment was rendered against the corporation. Petitioners, as transferees, paid the judgment and took a deduction of 100 per cent, classifying the amount paid as an ordinary business loss. The Commissioner took a contrary position, and held the payment a capital loss. The Tax Court upheld the petitioners' contention but the court of appeals reversed. On appeal, held, affirmed, three Justices dissenting. The …


Realization Of Income Through Cancellations, Modifications, And Bargain Purchases Of Indebtedness: Ii, L. Hart Wright Mar 1951

Realization Of Income Through Cancellations, Modifications, And Bargain Purchases Of Indebtedness: Ii, L. Hart Wright

Michigan Law Review

Introductory note. That some matters relating to the particular consideration received by a debtor on incurring an obligation would affect the applicability of the Kirby case to a saving derived by him from a subsequent cancellation or other bargain discharge was one of the first propositions settled by the Supreme Court. For the Kirby case itself justified the earlier immunity which had been granted the apparently solvent Kerbaugh-Empire Company on the ground that the funds which the latter had borrowed were lost in the venture for which its loan had been procured.


Realization Of Income Through Cancellations, Modifications, And Bargain Purchases Of Indebtedness: I, L. Hart Wright Feb 1951

Realization Of Income Through Cancellations, Modifications, And Bargain Purchases Of Indebtedness: I, L. Hart Wright

Michigan Law Review

Treasury regulations bearing on the tax consequence of a cancellation, modification, or bargain purchase of one's outstanding indebtedness date back to those issued in connection with the Revenue Act of 1918. Thirteen years elapsed after their issuance before the Supreme Court in 1931 finally approved, at least with respect to the bargain purchase with which it was concerned, the principal which the regulations incorporated, namely, that the savings effected by such debtors could, as a constitutional as well as a statutory matter, involve the realization of taxable income. Competing interpretations of that decision, the government insisting on a sweeping application …


Taxation-Deductions For Partial Worthlessness Of A Debt, John M. Veale S.Ed. Apr 1948

Taxation-Deductions For Partial Worthlessness Of A Debt, John M. Veale S.Ed.

Michigan Law Review

Taxpayer was accustomed to loan money to a related corporation on open accounts. The debtor consistently lost money and became bankrupt in 1938. Thereupon taxpayer wrote off the whole debt using it as a deduction from 1938 income. The commissioner assessed a deficiency on the theory that the taxpayer, by a subordination agreement made with another creditor in 1931, had recognized the then balance to be worthless. Hence, he argued, advances made after that date were a separate debt; therefore taxpayer had lost the right to deduct the debt due in 1931 for failure to take it in the year …


Taxation--Exemptions--Income-Producing Real Property Of Charity, M. D. B. Jr. Dec 1946

Taxation--Exemptions--Income-Producing Real Property Of Charity, M. D. B. Jr.

West Virginia Law Review

No abstract provided.


Abstracts, Katherine Kempfer Apr 1943

Abstracts, Katherine Kempfer

Michigan Law Review

The abstracts consist merely of summaries of the facts and holdings of recent cases and are distinguished from the notes by the absence of discussion.


Recent Decisions, Michigan Law Review Dec 1942

Recent Decisions, Michigan Law Review

Michigan Law Review

The recent decisions consist merely of summaries of the facts and holdings of recent cases and are distinguished from the notes by the absence of discussion.


Taxation - Federal Income Tax - Distinction Between Sale And Tax Exempt Reorganization Under Section 112, Henry J. Merry Mar 1940

Taxation - Federal Income Tax - Distinction Between Sale And Tax Exempt Reorganization Under Section 112, Henry J. Merry

Michigan Law Review

The recent Supreme Court decision in Le Tulle v. Scofield, disapproving the views of four out of five circuit courts of appeals, appears to add a new and more specific requirement to the already complex law on the subject of statutory reorganization under the Revenue Act of 1928 -- that the consideration received by the transferor corporation include some stock of the transferee corporation. In the subject case, the Gulf Coast Irrigation Company transferred substantially all its assets to the Gulf Coast Water Company in exchange for $50,000 in cash and $750,000 in mortgage bonds, four-fifths of which matured …


Taxation - Income Tax - Whether Purchase And Retirement By Corporation Of Own Bonds At Less Than Amount Of Issue Constitutes A Taxable Gain Where Corporation Is Insolvent, S. R. Stroud Jun 1939

Taxation - Income Tax - Whether Purchase And Retirement By Corporation Of Own Bonds At Less Than Amount Of Issue Constitutes A Taxable Gain Where Corporation Is Insolvent, S. R. Stroud

Michigan Law Review

Petitioner, a railway corporation, in 1906 leased all its property to an operating company for a term of fifty years. At the same time petitioner issued $434,000 in first mortgage bonds which were used to refund a prior issue of $350,000 and to provide for certain improvements on the road. Interest on the bonds was to be met by lessee's payment of the greater part of the rental directly to the trustee of the mortgage bonds, but no provision for a sinking fund was made. In October, 1932, petitioner purchased $19,000 par value of aforesaid mortgage bonds for $4,750, and …


Taxation - Capital Gains Tax (Revenue Act Of 1928) - Reorganizations - Definition Of A Party To A Reorganization, Milton A. Kramer May 1938

Taxation - Capital Gains Tax (Revenue Act Of 1928) - Reorganizations - Definition Of A Party To A Reorganization, Milton A. Kramer

Michigan Law Review

Although "certainty" is one of the most desirable features of taxation, that quality has been conspicuously absent in regard to the portions of the 1928 Revenue Act which deal with capital gains in corporate reorganizations. In the four situations which the act sets forth as constituting a reorganization, capital gains arising therefrom are exempt from tax computation, the general purpose being to remove any impediment to normal corporate adjustments and to prevent the recognition of gains or losses until they are actually realized. However, this provision soon became an invitation for ingenious counsel to arrange the sales of corporate assets …


Municipal Corporations-Power Of Congress To Pass Act For Readjustment Of Municipal Debts Jun 1936

Municipal Corporations-Power Of Congress To Pass Act For Readjustment Of Municipal Debts

Michigan Law Review

In 1934, Congress amended the National Bankruptcy Act so as to authorize any municipality or other political subdivision of any state to effect a readjustment of its debts by proceedings in courts of bankruptcy. A water district in Texas petitioned the United States District Court asking for a readjustment of its obligations. After the dismissal of the proceedings in the District Court, but before the reversal of the decision by the Court of Appeals, the state legislature of Texas passed an act empowering municipalities and other political subdivisions to proceed under the federal statute. Held, that the municipal debt …


Receivers -Liability For Corporate Franchise Taxes Accruing After Appointment May 1932

Receivers -Liability For Corporate Franchise Taxes Accruing After Appointment

Michigan Law Review

General business conditions of the last three years have made the field of receivership law an extremely interesting and important one to that portion of the bar which has been picking up the pieces left by the debacle of 1929. The widespread liquidation and dissolution of great business organizations has been effected in large part through the medium of the receivership. One of the more difficult problems arising in connection with such receiverships has been the liability of the receiver for franchise taxes. Such taxes have been held to be not property levies but excises on the privilege to carry …


Receivers-Penalties On Taxes Dec 1930

Receivers-Penalties On Taxes

Michigan Law Review

The recent case of McCormick v. Puritan Coal Mining Co. presents the question whether penalties and interest continue to accrue on delinquent taxes after the date of the appointment of a receiver. The court determined the question in the negative, supporting its decision by authorities which hold that interest does not ordinarily accrue on the debts of an insolvent after the date of the appointment of a receiver. The decision is directly contrary to the established rule that tax penalties and interest continue to accrue, notwithstanding the property has passed into the hands of a receiver.