Bankruptcy and Insolvency Taxation

Note to the reader: Material new to this supplement is indicated by an asterisk () in the left margin of the contents at the beginning of each chapter and throughout the supplement. Sections not in the main bound volume are indicated by "(New)" after the title. Chapter 1: Nature of Bankruptcy and Insolvency Proceedings. Alternatives Available to a Financially Troubled Business. Chapter 2: Discharge of Indebtedness. Introduction. Reduction of Basis under Prior Law. Discharge of Indebtedness under Current Law. Determination of Discharge of Indebtedness Income. Meaning of Section 108(a) Terms. Consequences of Qualifying for Section 108(a) Exclusions. Use of Mortgaged Property to Cancel Debt. Chapter 3: Partnerships and S Corporations: Tax Impact of Workouts and Bankruptcies. Partnerships. S Corporations. Chapter 4: Taxation of Bankruptcy Estates and Debtors. Responsibility for Filing Income Tax Returns. Accounting for the Bankruptcy Estate. Accounting for the Debtor (Individual). Chapter 5: Corporate Reorganizations. Elements Common to Many Reorganization Provisions. Specific Tax--Free Reorganizations under Section 368. The "G" Reorganization. Chapter 6: The Use of Net Operating Losses1 Introduction. Section 381. Current Section 382. Special Rules for Corporations in Bankruptcy. Section 269: Transactions to Evade or Avoid Tax. Consolidated Return Regulations. Chapter 7: Other Corporate Tax Issues. Earnings and Profits. Incorporation. Liquidation. Section 338. Administrative Expenses. Other Administrative Issues. Chapter 8: State and Local Taxes. Stamp Tax. Chapter 9: Tax Consequences to Creditors of Loss from Debt Forgiveness. Nature of Losses. Business and Nonbusiness Losses. Determination of Worthlessness. Reorganization. Chapter 10: Tax Procedures and Litigation. Notice and Filing Requirements. Tax Determination. Bankruptcy Courts. Chapter 11: Tax Priorities and Discharge. Priorities. Tax Discharge. Chapter 12: Tax Preferences and Liens. Tax Preferences. Tax Liens. Supplement Table of Regulations and Statutes. Supplement Case Index. Supplement Subject Index.