Spring 2024
Professor(s):
Harold ( Hap) May (ADJUNCT)
Credits: 2
Course Areas: Taxation
Business and Commercial Law
Time: 4:00p-6:00p M Location: 213
Course Outline: Bankruptcy Tax explores the resolution of the conflicting policies underlying the bankruptcy laws and the tax laws. When should generally applicable procedures for the determination and collection of taxes by modified to accommodate the orderly administration of a debtor's bankruptcy estate? When should rules requiring taxation of debt relief be overriden in the interests of affording a fresh start? How should rules limiting carryover of corporate losses be adjusted to recognize the investment of creditors in those losses? We will carefully explore bankruptcy rules circumscribing the audit and tax determination procedures, the place of interest and penalties under the Bankruptcy Code, The tax implications of modifying debt, the exclusion of a debtor's discharge of indebtedness from gross income and the consequent reduction of his tax attributes, and the conditions for mitigation in bankruptcy of rules cutting off losses and credits when ownership changes occur.
Course Syllabus: Syllabus revised 1/19/24
Course Notes: (Face-to-Face) The UH registration system instruction mode for this course is listed in parenthesis. For this instruction mode, instructors and students are expected to normally be physically present in the classroom. If the course has a final examination, it will be in a classroom requiring your physical presence. Other assessment, such as a mid-term exam, may also be in a classroom. Whether this instructor will offer “remote presence” (starting a zoom meeting from the podium computer to enable student remote access on an occasional basis) for part or all of the semester is not known, but students should not rely on an expectation that remote presence will be available.
This is an LL.M class, and JD students may register, if space is available.
Prerequisites: Yes Federal Income Tax
First Day Assignments:
Final Exam Schedule: 5/6/2024 4-6 213
This course will have:
Exam:
Paper:
Satisfies Senior Upper Level Writing Requirement: No
Experiential Course Type: No
Bar Course: No
DistanceEd ABA: No
Pass-Fail Student Election: Unavailable (Instructor Preference)
Course Materials
Book(s) Required
Required materials for this course:
a. PAUL ASOFSKY AND BRET WELLS, BANKRUPTCY TAXATION (2022) (available on Canvas)
b. Wolters Kluwer / CCH Publications, “Federal Income Tax — Code & Regulations, Selected Sections,” 2021-2022 Edition (ISBN: 9780808056287). This volume contains (i) provisions of the Internal Revenue Code of 1986 (the most recent complete “codification” of the tax statutes), as subsequently amended on numerous occasions, and (ii) selected important “regulations,” as promulgated by the U.S. Department of the Treasury. Students must have the actual paper copy of this statute book for class discussion.
c. Charles J. Tabb, “Bankruptcy Code, Rules, and Official Forms,” 2021 Law School Edition, West Publishing (ISBN: 9781647088903).
d. Additional supplemental materials may be provided and if so provided will be made available on Canvas, emailed to you directly, or handed out in class.