NAME OF BOOK: BANKRUPTCY & INSOLVENCY TAXATION AUTHORS: GRANT W. NEWTON &
GILBERT D. BLOOM
PUBLISHED BY: John Wiley & Sons, Inc: New York; 1991 ISBN: 0-471-50780-6 Total Pages: 552
ABSTRACT The book deals with different aspects of taxation. Authors have concentrated particular interest on the categorical explanation of
bankruptcy and insolvency issues. The prime purpose of this Scholarly contribution as is reflected is to discuss in detail the relevant issues in designing a practical handbook to deal the bankruptcy and insolvency matters. Hence, It discusses on the Types of taxation, nature of bankruptcy and insolvency proceeding. Emphasis has also been given on the
provisions of bankruptcy code. As liquidation is the inevitable part of commercial dealings, for the convenience of all concerned; it is rightly set out as to the Process of reorganization, types of reorganization. Attempts to discuss over the discharge of indebtedness, comparison between prior and current tax legislation in determining the indebtedness and bankruptcy has been endeavoured. Elaborate discussion has been carried on in determining the taxation applicable to individual, partnerships and bankruptcy estates. Discussion has also been revealed to highlight on the consequences of losses. That is to say, the provisions speak about the principles in computing the losses in matters of debt forgiveness. It has also been exerted to determine the loss to creditors in case of debt forgiveness. The discussion also continues to discuss about the tax priorities and discharges. So, effort has been made to decide on the points in which cases importance should be attached to prioritize or relax in computing the particular tax matters. Like other provisions, provisions for the determination of net operating losses have been enumerated. In this view, for the sake of better understanding, discussion has been revealed by making a comparative analysis of tax legislation in conjunction with Tax Reform Act of 1986. In addition; the tax procedure has been embodied and minutely described. In this concern, special attention has been invested on the procedure of filing tax claims. It also describes the process for the determination of tax while adjudicating the disputes. To meet the exigencies of the situation and facilitate all concerned to avail the alternative means, it has introduced the relevant provisions for miscellaneous tax considerations and tax preferences as well.