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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.

Runtime: 106 minutes
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

The Value of Net Operating Loss (NOL) Carryovers to a Bankrupt Company and Its Investors

The Internal Revenue Code's Limitations on Trafficking in NOLs (Section 382)

Special Bankruptcy Rules Under Section 382

  • Effect of Tax Reform
  • Recent Administrative Developments

Corporate Actions to Protect NOLs

  • Trading Orders
  • Charter Amendments
  • Section 382 Poison Pills

The Effect of Debt Cancellations and Debt Modifications on a Bankrupt Company's NOLs

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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on May 12, 2020.

Call 1-866-352-9540 for further credit information.

  • Enrolled Agents 2.0
     
  • This program qualifies for 2.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • HI CLE 1.5
     
  • ME CLE 1.5
     
  • NJ CLE 2.0
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WV MCLE 2.0
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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

  • Counsel 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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Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 407439
Published 2020
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