Supreme Court Hears Transfer Tax Exemption Case

Law360, New York (March 24, 2008, 12:00 AM EDT) -- Florida's Department of Revenue argued Wednesday before the U.S. Supreme Court that it should be allowed to tax court-approved Chapter 11 asset sales as long as a reorganization plan was not yet confirmed.

In an oral argument, Florida Solicitor General Scott D. Makar said that Section 1146(a) of the Bankruptcy Code only granted the stamp tax exemption to post-confirmation transfers. As a result, he asked the Supreme Court to overturn an Eleventh Circuit decision that allowed Piccadilly Cafeterias Inc. to avoid paying the state about $39,200...
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