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Bankruptcy and Insolvency Taxation, 4th Edition by Robert Liquerman, Grant W. Newton

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APPENDIX F

Selected Provisions from the Explanation of the Technical and Miscellaneous Revenue Act of 1988

HOUSE WAYS AND MEANS COMMITTEE REPORT NO. 100-795, JULY 26, 1988 (“HOUSE COMMITTEE REPORT”)

SENATE FINANCE COMMITTEE REPORT NO. 100-445, AUGUST 3, 1988 (“SENATE COMMITTEE REPORT”)

JOINT COMMITTEE ON TAXATION EXPLANATION OF SENATE CONSENSUS AMENDMENT, JCX-28-88, SEPTEMBER 12, 1988

CONFERENCE COMMITTEE REPORT, STATEMENT OF THE MANAGERS, OCTOBER 24, 1988 (“CONFERENCE COMMITTEE REPORT”)

Special Limitations on Net Operating Loss and Other Carryforwards 2

Recognition of Gain or Loss on Liquidating Sales and Distributions of Property (General Utilities) 8

Joint Committee Explanation of Senate Consensus Amendment 15

House Committee Report 16

Conference Committee Report 18

Act Sec. 4012 and IRC § 382: Financial Institutions 19

Act Sec. 1004 and IRC § 108(G): Treatment of Discharge of Indebtedness Income of Certain Farmers 22

Act. Sec. 1018(D)(5) and IRC § 361: Earnings and Profits 23

ACT § 1006 AND FRC § 336, 368, AND 382 SENATE COMMITTEE REPORT

SPECIAL LIMITATIONS ON NET OPERATING LOSS AND OTHER CARRYFORWARDS

Value of Loss Corporation

In lieu of regulatory authority, the bill extends the statutory rules for redemptions to other corporate contractions. The rule for redemptions was intended to apply to transactions that effect similar economic results, without regard to formal differences in the structure used or the order of events by which similar consequences are achieved. Thus, ...

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