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Stamp Tax, Other Exemptions After Piccadilly

Law360 (September 5, 2008, 12:00 AM EDT) -- On June 16, 2008, the United States Supreme Court decided the case of Florida Department of Revenue v. Piccadilly Cafeterias, Inc., 128 S.Ct. 2326 (2008), which is an important decision for all chapter 11 debtors seeking to sell their assets under Section 363 of the Bankruptcy Code.

Historically, debtors have avoided stamp taxes and other transfer taxes that would have resulted from asset sales occurring outside of bankruptcy.

Now, with the Supreme Court's decision in Piccadilly, this practice is no longer viable without first confirming a...
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