Handling S Corporation's Losses in Shareholder Bankruptcy

Date
2004-11-12
Authors
Harl, Neil
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Iowa State University Digital Repository
Abstract

The fact that a new tax entity may be created on bankruptcy filing has an enormous impact on the income tax consequences for the bankrupt.1 A recent Tax Court case2 has clarified the handling of S corporation losses in bankruptcy where the S corporation shareholder files for bankruptcy and the S corporation generates losses for the year.

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