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Representing the Bankrupt Taxpayer provides crucial information to practitioners in both bankruptcy and taxation fields. Coverage includes:
• Securing information from the Internal Revenue Service (IRS)
• The IRS tax collection system
• Tax liens/levy and seizure
• Alternatives to bankruptcy
• Automatic stay/adequate protection
• Prebankruptcy planning
• Discharge of taxes and penalties
• Bankruptcy for ongoing business
• Cancellation of indebtedness (debtor) and bad debts (creditor)
• Taxation of individual and partnership bankruptcy estates
• Effect of bankruptcies on net operating losses and credit carryforwards
• Real property dispositions
The text also provides examples, strategies, and IRS procedures, as well as complete passages from the Internal Revenue Manual.