Special Federal Tax Rules Relating to Individuals and Other Noncorporate Entities in Bankruptcy
Review tax planning for financial troubled businesses.
The filing of a Chapter 7 or Chapter 11 bankruptcy petition by an individual gives rise to a separate taxable entity, the bankruptcy estate, which succeeds to the assets, liabilities, and certain tax attributes of the debtor and which is wholly distinct from the individual for income tax purposes. No separate taxable entity results from commencement of a bankruptcy case involving a partnership, LLC, or corporation. Accordingly, the bankruptcy trustee of a partnership in a bankruptcy case is required to file annual partnership information returns and corporate income tax returns. This white paper reviews the computation and payment of tax and discusses the income, deductions and credits of bankruptcy estates.
Has over 38 years of experience in the practice of law
He is certified by the Louisiana State Bar Association as a specialist in the field of taxation
Areas of emphasis in practice are in the fields of tax law (planning, business transactions, dispute resolution and tax litigation), securities law, bankruptcy law (with emphasis on representation of creditors, creditor committees, trustees and Chapter 11 work), corporate law, commercial and business litigation, corporate takeovers, business organizations, personal injury law, professional malpractice, mergers and acquisitions, employment law, ERISA litigation, life/accident and health insurance law, wills, trusts, estate planning, successions and estate administration
Has trial experience in all federal district courts in Louisiana, many of the Louisiana state district courts, and the U.S. Tax Court
Serves as owner and manager of Nationwide 1031 Exchange Professionals, L.L.C. and Nationwide E.A.T., L.L.C., which provide services as a like-kind exchange intermediary and exchange accommodation title holder, respectively, for IRC §1031 like-kind exchange transactions
Frequent presenter of seminar programs in the fields of taxation, bankruptcy, business organizations, trial practice, ethics and professionalism
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