Section 1146(b) Is No 'Blue Light Special' For Debtors

Law360, New York (August 9, 2012, 1:32 PM EDT) -- “Attention, Kmart shoppers.”

Judge Susan Pierson Sonderby of the United States Bankruptcy Court for the Northern District of Illinois issued a memorandum decision in Kmart Corp. v. Ill. Dep’t of Rev. (In re Kmart Corp.) regarding the application of what is now section 1146(b) of the Bankruptcy Code, which allows the bankruptcy court to rule on questions of law with respect to the state or local income tax consequences of a plan under section 346 of the Bankruptcy Code if there is disagreement on such tax...
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