IRS Deference To Bankruptcy Courts

Law360, New York (June 27, 2011, 5:17 PM EDT) -- Utilizable net operating losses can be one of the most valuable assets of a corporation as it emerges from a Chapter 11 bankruptcy. Much time is spent by various stakeholders analyzing the impact of the U.S. federal income tax rules on the net operating losses to variations of the bankrupt corporation’s Chapter 11 plan of reorganization.

Most interesting in this process is the impact that the bankruptcy court can have with the preservation of utilizable net operating losses for U.S. federal income tax purposes and the...
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