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Bankruptcy and Insolvency Taxation, 4th Edition by Robert Liquerman, Grant W. Newton

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CHAPTER SIX

Use of Net Operating Losses

§ 6.1 Introduction

§ 6.2 I.R.C. Section 381

(a) Introduction

(b) Qualifying Acquisitions

(i) Liquidation of Controlled Subsidiary

(ii) Reorganizations

(c) Tax Attributes

(d) Transfer of Net Operating Losses

(e) Limitations on Carryover of Net Operating Losses

§ 6.3 Restructuring under Prior I.R.C. Section 382

(a) Introduction

(b) Old I.R.C. Section 382(a)

(c) Old I.R.C. Section 382(b)

§ 6.4 Current I.R.C. Section 382

(a) Introduction

(b) Overview

(i) Section 382 Limitation

(ii) Value of the Loss Corporation

(A) Options

(iii) Long-Term Tax-Exempt Rate

(c) Allocation of Taxable Income for Midyear Ownership Changes

(d) Ownership Change

(i) Examples of Ownership Changes Involving Sales among Shareholders

(ii) Other Transactions Giving Rise to Ownership Changes

(iii) Examples of Ownership Changes Resulting from Other Transactions

(iv) Equity Structure Shift

(v) Purchases and Reorganizations Combined

(vi) Undoing a Section 382 Ownership Change

(vii) Bailout-Related Section 382 Relief

(A) Introduction

(B) Notice 2008-76: Fannie Mae/Freddie Mac

(C) Notice 2008-84: More-than-50-Percent Interest

(D) Notice 2008-83: Banks

(E) Notice 2008-100: Capital Purchase Program

(F) Notice 2009-14: Capital Purchase Program and Troubled Asset Relief Program

(G) Notice 2009-38: Treasury Acquisitions under Emergency Act Programs

(H) Notice 2010-2: Treasury Acquisitions and Dispositions under Emergency Act Programs

(I) New I.R.C. Section 382(n)

(e) Public Shareholders ...

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