After Piccadilly: Section 363 Sales For Debtors

Law360 (July 25, 2008, 12:00 AM EDT) -- Resolving a split among various circuits, the United States Supreme Court has ruled that the exemption from state stamp taxes under section 1146(a) of the Bankruptcy Code does not apply to asset sales under section 363 of the Bankruptcy Code that took place before confirmation of a debtor’s Chapter 11 plan — an event that may take months or years to accomplish.[1]

Piccadilly concerned a Florida stamp tax of $39,200 which resulted from a section 363 sale for $80 million of substantially all of Piccadilly’s assets....
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