Tax Planning for Financially-Troubled Businesses: Application of Section 269
Learn how to determine if the principal purpose of an acquisition of control is tax avoidance.
Under section 269(a), net operating loss carryovers or credits may be totally disallowed in the case of control acquisitions principally motivated by tax avoidance purposes. Congress enacted the current version of section 382 in 1986 and made it clear that the legislative history of section 269 continues to apply. Thus, a loss corporation undergoing a debt restructuring must contend with section 269, as well as section 382. This white paper reviews how these regulations may apply to disallow a loss and discusses how aa governmental entity in interest may prevent confirmation of a bankruptcy plan if the principal purpose of the plan is tax avoidance.
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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