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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Over 36 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 36 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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OnDemand Course
This course was last revised on May 12, 2020.
Call 1-866-352-9540 for further credit information.
- AIPB 2.0
- This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
- AK CLE 1.75
- Alaska attorneys may receive 1.75 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
- AL CLE 1.8
- This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.8 hours credit.
- Arizona CLE 1.75
- The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.75 hours toward your annual CLE requirement for the State Bar of Arizona.
- CA MCLE 1.75
- Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.75 CLE hours of participatory credit.
- GA CLE 1.5
- This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.5 CLE hours.
- MO CLE 2.1
- This course qualifies for self-study CLE credit in Missouri.
- NJ CLE 2.1
- This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 2.1 hours of total CLE credit.
- PA CLE 1.5
- This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.5 hours of substantive law, practice and procedure CLE credit.
- RI CLE 2.0
- This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 2.0 hours of CLE credit.
- VT CLE 1.75
- This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.75 hour(s) of CLE credit. Please note: Attorneys may only claim 12 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 36 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
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
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 a 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
- Can be contacted at [email protected]
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Why Lorman?
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