Correction of input VAT by a bankruptcy receiver under Art. 89b of the VAT Act

Ruling description

In its judgment of January 15, 2014, the Provincial Administrative Court (WSA) in Warsaw (case no. III SA/Wa 1928/13) ruled that a bankruptcy receiver was not required to correct input tax under the procedure set forth in Art. 89b (1) of the VAT Act (in the version which took effect on January 1, 2013) if the creditor cannot correct output tax under the “bad debt relief” procedure due to the debtor being bankrupt.

Filed under:
Poland, Insolvency & Restructuring, Litigation, Tax, Dentons, Bankruptcy, Debtor, Value added tax, Double taxation
Authors:
Mateusz Serafinski
Location:
Poland
Firm:
Dentons
Hard times in the oil patch: tax implications for investors in the era of price fluctuations

The current decline in oil prices, which continues to show no signs of a long-term reversal, is having unexpected and unwanted consequences, many of which may turn into long-lasting troubles for the oil and gas industry, especially for its investors.

Filed under:
USA, Energy & Natural Resources, Insolvency & Restructuring, Tax, DLA Piper, Share (finance), Private equity, Income tax, Limited liability company, Option (finance), Debt, Debt relief, Limited partnership, Cashflow, Double taxation
Location:
USA
Firm:
DLA Piper
New case may present planning opportunities for financially troubled Qsubs
S corporation (S corp) bankruptcies frequently result in an unfunded tax liability for the shareholders. To avoid this result, shareholders have sought to revoke the S corp status before filing for bankruptcy. However, courts have voided this revocation when it is done in contemplation of bankruptcy. A recent case out of the Third Circuit (In Re: The Majestic Star Casino, LLC), however, permitted an S corp revocation when a qualified subchapter S subsidiary (Qsub) was in bankruptcy.
Filed under:
USA, Insolvency & Restructuring, Litigation, Tax, Reinhart Boerner Van Deuren SC, Bankruptcy, Shareholder, S corporation, Double taxation
Authors:
Lucien A. Beaudry , Peter C. Blain , Michael G. Goller
Location:
USA
Firm:
Reinhart Boerner Van Deuren SC
Hard times in the oil patch: tax implications for investors in the era of price fluctuations

The current decline in oil prices, which continues to show no signs of a long-term reversal, is having unexpected and unwanted consequences, many of which may turn into long-lasting troubles for the oil and gas industry, especially for its investors.

Filed under:
USA, Energy & Natural Resources, Insolvency & Restructuring, Tax, DLA Piper, Share (finance), Private equity, Income tax, Limited liability company, Option (finance), Debt, Debt relief, Limited partnership, Cashflow, Double taxation
Location:
USA
Firm:
DLA Piper