- 13 -
11 U.S.C. sec. 346(i)(2) applied notwithstanding State and local
tax laws, but subject to the Internal Revenue Code. 11 U.S.C.
sec. 346(a).4
These statutory provisions do not apply to the instant case
because petitioner's bankruptcy petition was filed prior to
October 1, 1979, the effective date of the Bankruptcy Act of
1978. They have been interpreted to establish that for
bankruptcy petitions to which the Bankruptcy Act of 1978 is
applicable, periods of limitation under the Internal Revenue Code
are not subject to the specific suspension provisions of 11
U.S.C. sec. 346(i). Firsdon v. United States, __ F.3d __ (6th
3(...continued)
(A) any investment credit carryover;
(B) any recovery exclusion;
(C) any loss carryover;
(D) any foreign tax credit carryover;
(E) any capital loss carryover; and
(F) any claim of right.
(2) After such case is closed or dismissed, the debtor
shall succeed to any tax attribute to which the estate
succeeded under paragraph (1) of this subsection but that
was not utilized by the estate. The debtor may utilize such
tax attributes as though any applicable time limitations on
such utilization by the debtor were suspended during the
time during which the case was pending.
4 11 U.S.C. sec. 346(a) provides as follows:
(a) Except to the extent otherwise provided in
this section, subsections (b), (c), (d), (e), (g), (h),
(i), and (j) of this section apply notwithstanding any
State or local law imposing a tax, but subject to the
Internal Revenue Code of 1986.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Next
Last modified: May 25, 2011