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Preservation of Net Operating Loss Carryovers through Bankruptcy

 

Learn how to navigate the complex rules to preserve the net operating loss asset.

A bankrupt company's net operating loss carryovers (NOLs) often are one of its most valuable assets. However, complex rules, including Section 382 of the Internal Revenue Code, place limitations on a bankrupt company's ability to preserve the full value of that asset through bankruptcy proceedings. Also, transactions commonly undertaken in bankruptcy proceedings, including the cancellation or modification of debt, can result in a reduction or elimination of a bankrupt company's NOLs. This material will examine the U.S. federal income tax rules that can operate to limit the utilization of, or reduce or eliminate, a bankrupt company's NOLs, will discuss recent developments regarding those rules, and will explore how a tax practitioner can help a company navigate those rules to effectively preserve the bankrupt company's valuable NOL asset.

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Preservation of Net Operating Loss Carryovers through Bankruptcy

Agenda

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Preservation of Net Operating Loss Carryovers through Bankruptcy

Faculty

Jessica A. Hough

Jessica A. Hough

Skadden, Arps, Slate, Meagher & Flom LLP

  • Partner in the Washington, D.C. office of Skadden, Arps, Slate, Meagher & Flom LLP, and head of the firm's tax group
  • Practices primarily in the area of U.S. federal income taxation, advising clients across various industries in a wide range of transactions and controversies
  • Broad experience representing debtors and creditors in restructuring transactions
  • Active speaker and writer on the subject of corporate income taxes
  • Admitted to the Bar of the District of Columbia
  • J.D. degree, The University of Chicago Law School
  • Can be contacted at [email protected]
Paul Schockett

Paul Schockett

Skadden, Arps, Slate, Meagher & Flom LLP

  • Partner in the Washington, D.C. office of Skadden, Arps, Slate, Meagher & Flom LLP
  • Advises public and private companies on a broad range of U .S. federal income tax matters, with particular focus on U.S. and cross-border transactions
  • Practice includes significant work involving the tax aspects of partnership transactions and renewable energy project finance
  • Frequently writes and lectures on tax-related topics, including partnership taxation, M&A transaction structuring, tax aspects of troubled company workouts, and renewable energy tax benefits
  • Can be contacted at [email protected]
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Preservation of Net Operating Loss Carryovers through Bankruptcy

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