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

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CHAPTER EIGHT

State and Local Taxes

§ 8.1 Introduction 471

§ 8.2 Bankruptcy Estates 472

(a) Practice Prior to 2005 Act 472

(i) Individual Cases—Chapters 7, 11, or 12 472

(ii) Individual Cases—Chapter 12 and Chapter 13 Cases 474

(iii) Corporations and Partnerships 474

(b) Changes Enacted 475

(i) Section 346: Special Provisions Related to the Treatment of State and Local Taxes 475

(ii) 11 U.S.C. Section 1146(a) 477

(iii) 11 U.S.C. Section 1231 477

(iv) Summary of Changes 477

(c) Impact of Changes 479

§ 8.3 Stock for Debt 479

§ 8.4 Cancellation of Indebtedness 479

(a) 11 U.S.C. Section 346(j) 479

§ 8.5 Net Operating Loss Carryback and Carryover 480

(a) Introduction 480

(b) Impact of Changes 480

(c) Carryback and Carryforward 480

(d) Consolidated Groups 481

(e) Apportionment 481

§ 8.6 Stamp Tax 481

(a) Introduction 481

(b) Stamp Tax or Similar Tax 481

(c) Imposed on the Purchaser 483

(d) Under the Plan 484

(e) Liquidation Sales 485

§ 8.7 Tax Impact of Plan for State and Local Purposes 485

§ 8.1 INTRODUCTION

The Bankruptcy Reform Act of 1978, as originally drafted in H.R. 8200, contained many tax provisions, including ones for the handling of income from debt discharge, the use of net operating loss (NOL) carryforwards, termination of taxable years of the estate, and the responsibility for filing income tax returns. In the early stages of the revision of the bankruptcy law, it appeared that leaving the federal tax provisions in the bankruptcy bill was acceptable to the House Committee ...

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