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Monday, March 16, 2020

Welcome to the Bankruptcy
Today Newsletter.

Your daily access to recent significant Chapter 11 case filings, relevant restructuring news and samples of some of our current distressed company profiles.

Featured Recent Filings

CourtFiledDebtorCase NoAttorneyAssetsLiabilities
E.D.N.Y.3/15/2020AMPLE HILLS ASTORIA, LLC20-41560Stephen B. Selbst$50k - $100k$1M - $10M
E.D.N.Y.3/15/2020AMPLE HILLS AVENTURA, LLC20-41561Stephen B. Selbst$100k - $500k$1M - $10M
E.D.N.Y.3/15/2020AMPLE HILLS CHELSEA, LLC20-41562Stephen B. Selbst$0 - $50k$1M - $10M
E.D.N.Y.3/15/2020AMPLE HILLS CREAMERY, INC.20-41563Stephen B. Selbst$0 - $50k$100k - $500k
E.D.N.Y.3/15/2020AMPLE HILLS ESSEX STREET MARKET, LLC20-41564Stephen B. Selbst$100k - $500k$1M - $10M
E.D.N.Y.3/15/2020AMPLE HILLS FIREBOAT HOUSE, LLC20-41565Stephen B. Selbst$100k - $500k$1M - $10M
E.D.N.Y.3/15/2020AMPLE HILLS GOWANUS, LLC20-41566Stephen B. Selbst$0 - $50k$1M - $10M
E.D.N.Y.3/15/2020AMPLE HILLS HIGHLINE, LLC20-41567Stephen B. Selbst$0 - $50k$1M - $10M
E.D.N.Y.3/15/2020AMPLE HILLS HOLDINGS, INC.20-41559Stephen B. Selbst$1M - $10M$10M - $50M
E.D.N.Y.3/15/2020AMPLE HILLS JERSEY CITY, LLC20-41568Stephen B. Selbst$100k - $500k$1M - $10M
E.D.N.Y.3/15/2020AMPLE HILLS LBV, LLC20-41569Stephen B. Selbst$100k - $500k$50k - $100k
E.D.N.Y.3/15/2020AMPLE HILLS MANUFACTURING, LLC20-41570Stephen B. Selbst$1M - $10M$100k - $500k
E.D.N.Y.3/15/2020AMPLE HILLS PPW, LLC20-41571Stephen B. Selbst$0 - $50k$0 - $50k
E.D.N.Y.3/15/2020AMPLE HILLS RED HOOK, LLC20-41572Stephen B. Selbst$0 - $50k$0 - $50k
E.D.N.Y.3/15/2020AMPLE HILLS VANDERBILT, LLC20-41573Stephen B. Selbst$50k - $100k$0 - $50k
E.D.N.Y.3/15/2020AMPLE HILLS WHOLESALE ONLINE, LLC20-41574Stephen B. Selbst$0 - $50k$100k - $500k
S.D. Cal.3/15/2020Cleveland Street Beach Lofts, LLC20-01448Judith A. Descalso$1M - $10M$1M - $10M
S.D. Tex.3/15/2020Green4All Energy Solutions, Inc.20-31758Margaret M. McClure$500k - $1M$500k - $1M
S.D. Tex.3/15/2020H2MinusO, LLC20-31759Margaret M. McClure$500k - $1M$500k - $1M
W.D. Tex.3/15/2020Two Pie Lovers, LLC20-50598H. Anthony Hervol$100k - $500k$500k - $1M
Featured Article

In Decision With Important Tax and Bankruptcy Implications, Supreme Court Rejects Application of So-Called 'Bob Richards Rule'

In its recent decision in Rodriguez v. Federal Deposit Insurance Corp., No. 18–1269 (Sup. Ct. Feb. 25, 2020), the Supreme Court held that federal courts may not apply the federal common law “Bob Richards Rule” to determine who owns a tax refund when a parent holding company files a tax return but a subsidiary generated the losses giving rise to the refund. Instead, the court should look to applicable state law.

For U.S. federal income tax purposes, a corporate parent and its wholly owned corporate subsidiaries generally may elect to file consolidated federal tax returns. A consolidated tax return allows the group (the parent and its subsidiaries) to offset the income and gain of some group members by losses and deductions of other group members, thus paying tax only on the net income. When the group’s consolidated return is filed, the parent acts as the agent for the entire group in dealing with the IRS — including by filing returns and receiving refunds, if any. The U.S. federal income tax law does not dictate how the group’s tax liabilities or refunds are to be allocated and shared among the group members. To address this, consolidated group members frequently enter into a “tax allocation agreement” to deal with the allocation of tax items among the group members, including tax refunds.

Read the full article

JDSupra Written by Kramer Levin Naftalis & Frankel LLP. Published on March 12, 2020.

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