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Robert Cudd and Stephen L. Feldman, partners at Morrison & Foerster, and Michelle Jewett, an associate at the firm, write that in terms of effective tax planning, a financially troubled company, including an insolvent or bankrupt one, should generally be concerned about: (i) preserving and utilizing its net operating losses (NOLs) and tax basis of assets, and (ii) minimizing, avoiding or deferring the recognition of cancellation of indebtedness (COD) income. New legislation, they report, has added a provision to the Internal Revenue Code allowing all taxpayers recognizing COD income in 2009 or 2010 to defer the recognition of such income, so, as a result, distressed companies that ordinarily might avoid restructuring debt to prevent the recognition of COD income may, for their commercial benefit, enter into transactions that generate COD income.
June 29, 2009 at 12:00 AM
1 minute read
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