A look at the discharge of debt by a non-corp. individual and the effect on tax liability of the estate. Includes costs and benefits.
Written in 1993; 2,250 words; 4 sources; $ 79.95
From the Paper:
"Taxation Consequences of Individual Bankruptcy Filing
This paper will discuss the tax consequences of a bankruptcy filing by a non-corporate individual. Most of the discussion will focus upon the status of the discharge of indebtedness, which is the object of a bankruptcy filing, and the tax liability of the bankruptcy estate.
Under the Bankruptcy Code,1 there are two different types of bankruptcy filings: liquidation and reorganization. In a liquidation bankruptcy (Chapter 7) all of the property owned by the debtor at the date of bankruptcy is placed in the bankruptcy estate, which is a separate entity from the debtor, administered by a court-appointed trustee.2 As will be explained later, the estate is taxed as a separate entity from the debtor. This property, placed in the estate, is then used to satisfy the debts..."
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