The issues created by the intersection of bankruptcy law and tax law are complex and marked by the tension between the fundamental goal of the federal bankruptcy laws is to give debtors a financial “fresh start” from burdensome debts and the applicable federal income tax laws. As a result, certain tax liabilities are not dischargeable in bankruptcy. Moreover, a debtor generally continues to be subject to applicable federal income tax laws and must timely file federal income tax returns and pay federal income tax.
This webinar examines the tax responsibilities of a debtor, as well as the types of tax claims and what requirements must be met for a taxing authority to have a secured, priority, or administrative claim in a bankruptcy case. This webinar also explores how taxable income becomes part of the debtor’s estate during the pendency of the bankruptcy proceeding, and how that income is taxed.
The treatment of tax attribute carryovers, alternative minimum tax considerations, and cancellation of debt income are also addressed with respect to the debtor’s potential tax liability. These tax issues can also be important factors during a debtor’s sale of assets pursuant to section 363 of the Bankruptcy Code.
Dan Cohn devotes his practice at Murtha Cullina LLP to financially distressed businesses and is recognized as one of New England's best-known counsel to troubled companies. His experience includes Chapter 11… Read More
David Agler is a Principal in Crowe Horwath LLP’s Tax Services Group. Mr. Agler practices in the area of tax planning for United States and international business transactions. He has… Read More
Gary is a veteran restructuring attorney focused on all aspects of bankruptcy, workouts, debtor and creditor law, and general commercial litigation. He represents debtors and creditors in Chapter 11 cases,… Read More