Preface
THIS BOOK IS DESIGNED to provide a broad range of guidance on the tax aspects of decisions that must be made by companies in financial trouble. It will be useful to financial advisors, accountants, lawyers, trustees, turnaround professionals, examiners, creditors, bankruptcy judges, and debtors in possession.
The tax provisions of the Internal Revenue Code (I.R.C.) and the Bankruptcy Code applicable to businesses that have filed a chapter 7 or a chapter 11 bankruptcy petition are discussed in detail. Also explained are the provisions that apply to the debtor and its creditors. Special attention is given to the I.R.C. sections contained in the Tax Reform Act of 1980 and revisions of these sections by subsequent legislation, including the Tax Reform Act of 1984 and 1986, the Revenue Act of 1987, the Technical and Miscellaneous Revenue Act of 1988, the Revenue Reconciliation Act of 1990, the Omnibus Budget Reconciliation Act of 1993, Taxpayer Relief Act of 1977, the Job Creation and Worker Assistance Act of 2002, the American Jobs Creation Act of 2004, and the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (2005 Act), as well as to recent nonstatutory changes in the tax law affecting troubled companies.
The first edition of Bankruptcy and Insolvency Taxation was a revision of Tax Planning for the Troubled Business, first published in 1983 and revised annually. The third edition was published in 2005. This edition, revising the third edition, will be updated ...
