Bankruptcy Taxation

This panel provides updates on the law and suggests the necessary tools for your consumer tax toolbox, in particular concepts of cancellation of indebtness, home mortgage modiifcations, issuance of 1099s by creditors, separate-entity treatment under IRC section 1398, priority of tax claims, nondischargeability of tax claims, and other thorny tax issues frequently facing consumer bankruptcy lawyers.

This panel will focus on recent trends in student loan dischargeability cases, including whether the Brunner standard should be revisited, and recent case law involving tax debts.

It's become increasingly popular for businesses, developers and project sponsors to take advantage of specialized tax credit programs at the federal and state levels designed to incentivize investment in affordable housing, low-income communities and historic preservation. Bankruptcy and workout professionals should have a basic understanding of these tax credit programs and the unique issues that can arise in workouts and bankruptcies involving projects financed through the use of tax credits. This webinar will cover: 1)Low-Income Housing Tax Credit (LIHTC); 2)New Market Tax Credit (NMTC); 3)Historic Tax Credit (HTC) programs; 4)And will explore some of the unique issues and challenges that arise in workouts and bankruptcies involving projects financed through such programs. ABI will seek 1.5 hours of general CLE credit in 60-minute-hour states and 1.75 hours of credit in 50-minute-hour states. CLE-Approved States: ABI’s live webinars and teleconferences ordinarily receive CLE credit in AL, CA, DE, GA, IL, MN, NE, NH, NJ, NY (approved jurisdiction policy), PA, TN and TX. ABI will obtain approval in additional states. ABI does not seek direct accreditation of live webinars in KS and OH. Credit hours granted are subject to approval from each state, which may not be determined prior to the program.

This panel will provide updates on the law and suggest the necessary tools for your consumer tax toolbox, in particular chapter 7 vs. chapter 13, what happens to IRS claims after discharge, offers in compromise, when creditors can send a 1099, whether a debtor can ask a creditor not to send 1099 as part of a settlement; and other thorny tax issues frequently facing consumer bankruptcy lawyers.

Preservation and realization of NOLs through plan structures (Capmark, WaMu, Fremont General); tax-sharing agreements and allocations of tax benefits (Edison Mission); OID (ResCap); excess loss account; fair market exchanges; transfer pricing (Nortel); trading restrictions and more.

Tax-Sharing Agreements in Bankruptcy that Have Been the Subject of Recent Appeals Courts Decisions

Educational Session of Committees: The Bankruptcy Code provides enhanced and often unique opportunities to resolve tax issues faced by distressed businesses and individuals. Our program will provide a primer on how to address tax issues before and after filing for bankruptcy relief, followed by a discussion on significant tax problems faced by business and consumer debtors.

This panel will explain how to critically review tax returns and financial statements and address the issues and items a bankruptcy lawyer representing a debtor or creditor (both for consumer and business cases) should look for when reviewing financial statements and tax returns.

This panel will discuss § 1398 short-year elections, separate-entity rules, discharge of taxes, cancellation of debt income, and tax issues arising from mortgage foreclosures, modifications and abandonment.