Course Catalog

3 Unit(s)

Provides a basic overview of the basics of bankruptcy, insolvency and pre-bankruptcy planning for individuals, corporations and partnerships. This overview includes the differences between bankruptcy Chapters 7, 11, and 13, the workings of the automatic stay, offsets, priorities, and the creation of the separate bankruptcy estate and liquidating trusts. The course will examine the tax and bankruptcy treatment of debtors, claims of creditors, tax-free bankruptcy reorganizations, survival of tax attributes and pre-and post-petition debt discharges and the role of the tax professional. The course includes Case Study reviews of current significant corporate bankruptcies, including associated Disclosure Statements, Plans of Reorganization and petitions in order to appreciate the form that tax-sensitive documents are presented and to analyze the various tax consequences of bankruptcy discharges to debtors, creditors and interest holders such as shareholders. Cross-listed with and equivalent to LLM 361. Prerequisite: TA 318 and (TA 329A or TA 329). Recommended: TA 319