By Grant W. Newton
The hundreds of thousands of mergers, acquisitions, and start-ups that experience characterised the earlier ten years of industrial have created more and more enterprises in monetary difficulty: particularly, a scarcity a big gamble capital or quickly money. as a result, financial disaster defense is now considered as a strategic circulate to guard organizations from their collectors and make allowance them to reorganize. financial ruin and Insolvency Taxation, 3rd version offers the solutions to the questions monetary managers can have at the tax elements of the "bankruptcy strategy."
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Similarly, if S had outstanding debt held by unrelated parties, the acquisition by P of the S debt in anticipation of P’s buying the S stock is also an indirect acquisition. ” A holder of the debt is treated as having acquired that debt in anticipation of becoming related if the relationship is established within 6 months after the debt is acquired. This appears to be a conclusive presumption. If the relationship is not established within 6 months, “all facts and circumstances will be considered .
52 Hillsboro Nat’l Bank v. S. 370, 384 (1983). 3(c) Who Is the Debtor? applicable law. We will never know. The Tax Court’s short shrift approach, completely discarding the characterization of the income as discharge of indebtedness, is not a recommended analysis. Although the characterization of the income may not have made a difference under the facts of the case, it could easily have significant implications if the debtor were in bankruptcy or insolvent. (b) Is the Obligation Indebtedness? Another threshold issue is whether the obligation is “indebtedness” for federal income tax purposes.
Plante v. 3d 1279 (11th Cir. 1999); Bratton v. 2d 486 (6th Cir. 1954). See also Carroll-McCreary v. 2d 303 (2d Cir. 1941) (holding that debt discharge, which made an insolvent corporation solvent, was a capital contribution, not DOI income); Hartland Assoc. v. C. B. 3 (holding that taxpayer was not entitled to a bad debt deduction, rather discharge was a capital contribution to a corporation in a poor financial position that continued to worsen (unclear whether the corporation was insolvent)).
Bankruptcy & insolvency taxation by Grant W. Newton