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 prior ten years of industrial have created a growing number of firms in monetary difficulty: in particular, a scarcity a bet capital or quickly money. hence, financial ruin safeguard is now considered as a strategic flow to guard agencies from their collectors and make allowance them to reorganize. financial ruin and Insolvency Taxation, 3rd version offers the solutions to the questions monetary managers could have at the tax points of the "bankruptcy strategy."

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Extra resources for Bankruptcy and Insolvency Taxation

Sample text

If the employee does quit, the employer may cancel the reimbursement obligation. , as wages) because the indebtedness arose as a result of an employment relationship. Another example of compensation resulting from debt discharge arises when an employer transfers property to an employee in exchange for a note, which is later reduced or cancelled. Generally, the amount of compensation the employee includes in gross income is the excess of the fair market value of the property over the amount (if any) paid for the property.

The characterization and tax consequences of the transaction depend on the relationship of the parties and the context in which the discharge occurs. In Spartan Petroleum Co. v. United States,27 for example, a reduction of a debt was simply viewed as the means used to pay for property. Debtors may set off obligations, as illustrated by the following example. Mr. X owes Mr. Y $100 and Mr. Y also owes Mr. X $100. Rather than paying each other $100, the two debts are set off against each other. Neither has DOI income.

24(g)). • Some bond indenture agreements provide that amendments cannot be made unless all holders of debt approve the modifications. Because it is difficult, if not impossible, to obtain 100 percent approval, it is necessary to file a bankruptcy plan to reduce interest or modify the principal of the bonds. Recently, “prenegotiated bankruptcies” have been used in certain conditions rather than prepackaged bankruptcies. Under a prenegotiated plan, an agreement is reached with creditors before the petition is filed.

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Bankruptcy and Insolvency Taxation by Grant W. Newton

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