Report of the Commission on the Bankruptcy Laws of the United States, Part 3The Commission, 1973 |
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2d Cir 5th Cir administration aff'd amendment amount applied assets bankrupt estate Bankruptcy Act bankruptcy court bankruptcy proceedings bankruptcy system basis adjustment benefit Bull cancellation carryback cert Chapter XI Commissioner Cong Congress Corp creditors debt reduction debtor corporation debtor in possession Declaratory Judgment deductions deficit denied discharge Dun & Bradstreet earnings and profits effect equity exemption expenses failure federal fiduciary Figure Helvering income tax incurred individual insolvency interest Internal Revenue Service Irving Trust Co Libson liquidation loss carryovers obligations operating loss panel panelists payment pre-bankruptcy priority problem provision railroad received Referee rehabilitation relief result Revenue Act rule ruptcy S.D. Cal secured creditor Service shareholders sovereign immunity statements see Appendix Statmaster stockholders successor corporation Supp supra tax liability tax-free taxable entity taxable income taxpayer tion transfer trustee in bankruptcy trustee's unabridged versions United
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Page 89 - Every executor, administrator, or assignee, or other person, who pays, in whole or in part, any debt due by the person or estate for whom or for which he acts before he satisfies and pays the debts due to the United States from such person or estate, shall become answerable in his own person and estate to the extent of such payments for the debts so due to the United States, or for so much thereof as may remain due and unpaid.
Page 131 - ... a transfer by a corporation of all or a part of its assets to another corporation if immediately after the transfer the transferor or its stockholders or both are in control of the corporation to which the assets are transferred, or (C) a recapitalization, or (D) a mere change in identity, form, or place of organization, however effected. (2) The term "a party to a reorganization...
Page 79 - Reasonable amounts paid or incurred by the fiduciary of an estate or trust on account of administration expenses, including fiduciaries' fees and expenses of litigation, which are ordinary and necessary in connection with the performance of the duties of administration are deductible under section...
Page 146 - ... all taxes which may be found to be owing to the United States or any State from a debtor within one year from the date of the filing of a petition under this chapter and have not been assessed prior to the date of the confirmation of a plan under this chapter...
Page 87 - In cases where receivers, trustees in bankruptcy, or assignees are operating the property or business of corporations, such receivers, trustees, or assignees shall make returns for such corporations in the same manner and form as corporations are required to make returns. Any tax due on the basis of such returns made by receivers, trustees, or assignees shall be collected in the same manner as if collected from the corporations of whose business or property they have custody and control.
Page 3 - It Is, as I conceive, a general rule In the Interpretation of all statutes levying taxes or duties upon subjects or citizens, not to extend their provisions, by implication, beyond the clear import of the language used, or to enlarge their operation so as to embrace matters not specifically pointed out, although standing upon a close analogy.
Page 130 - reorganization" means (A) a statutory merger or consolidation, or (B) the acquisition by one corporation in exchange solely for all or a part of its voting stock : of at least 80 per centum of the voting stock and at least 80 per centum of the total number of shares of all other classes of stock of another corporation ; or of substantially all the properties of another corporation...