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Tax Relief Under Tax Cuts And Jobs Act? Not For Debtors

Law360 (June 22, 2018, 2:50 PM EDT) -- Effective Jan. 1, 2018, the Tax Cuts and Jobs Act is a wide-ranging change to the Internal Revenue Code affecting individual, corporate and international taxation. While lauded as being generally beneficial to corporate taxpayers, there is one subset of corporate taxpayers as to whom the TCJA was not beneficial — corporate taxpayers under the Bankruptcy Code.

Lost among the many commentaries are two changes that have a negative impact on business debtors under the Bankruptcy Code: (1) reduction of the corporate tax rates and (2) elimination of the ability to carry back net operating losses. Both changes will have a direct...

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