Searching Content indexed under Insolvency/Bankruptcy by Grant Thornton LLP ordered by Published Date Descending.
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IRS Issues Final Regs On COD Income Exceptions For Disregarded Entities
The IRS has issued final regulations for determining whether disregarded entities can be considered the "taxpayer" for the bankruptcy and insolvency exceptions to cancellation of debt income rules.
United States
22 Jul 2016
IRS Rules On Bad Debt Deduction
In a private letter ruling (PLR 201450011), released on Dec. 12, the IRS said that a corporation could take a bad debt deduction under Section 166 related to payments made to a disputed ownership fund under Treas. Reg. Sec. 1.468B-9.
United States
6 Jan 2015
Arizona Court Of Appeals Holds Definition Of "Business Income" Provides Two Separate Tests, No Liquidation Exception
The Arizona Court of Appeals has held in two recent cases that the state may tax corporate income as "business income" if either the transactional test or the functional test provided in the statutory definition is satisfied, and that there is no liquidation exception to the definition of business income.
United States
19 Dec 2013
Tax-Sharing Agreement Creates Debtor-Creditor Relationship In Consolidated Group, Bankruptcy Court Says
The U.S. Bankruptcy Court for the District of Delaware recently ruled that a tax-sharing agreement created a debtor-creditor relationship between parties to the agreement.
United States
1 Nov 2013
IRS Applies Open Transaction Doctrine To COD Income In Bankruptcy
The IRS has issued a private letter ruling (PLR 2012-28-023) taking the unusual position of applying the open transaction doctrine and ruling that no debtor corporation in a consolidated group filing for Chapter 11 bankruptcy would realize COD (cancellation of debt) income until either the debtor corporation made all the distributions required under the bankruptcy plan or the bankruptcy plan ceased to be a plan of liquidation for federal income tax purposes.
United States
6 Aug 2012
Too Big To Fail Or Too Big To Bail (Out)
As ever-increasing budget deficits throw them into precarious financial positions, a debate has sprung up over whether states should be allowed to file for bankruptcy, as cities are allowed to do.
United States
17 Mar 2011
Zone Of Insolvency: Decision-Making In Times Of Distress
This recession has been one of the most deeply penetrating; it has affected organizations across the board, including not-for-profits.
United States
11 Jan 2011
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