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Publication 908, Bankruptcy Tax Guide

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Publication 908, Bankruptcy Tax Guide Userid: CPM Schema: tipx Leadpct: 100% Pt. size: 8 Draft Ok to Print AH XSL/XML Fileid: … ons/P908/202102/A/XML/Cycle09/source (Init. & Date) _______ Page 1 of 34 13:49 - 29-Jan-2021 The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing. Publication 908 (Rev. February 2021) Contents Cat. No. 15309S Future Developments ............ 1 Department of the What’s New .................. 2 Treasury Internal Bankruptcy Reminders ................... 2 Revenue Service Tax Guide Introduction .................. 2 Bankruptcy Code Tax Compliance Requirements .............. 2 Tax Returns Due for Periods Ending Before the Bankruptcy Filing in Chapter 13 Cases .......... 2 Tax Returns Due After the Bankruptcy Filing ........... 3 Individuals in Chapter 12 or 13 ...... 3 Individuals in Chapter 7 or 11 ....... 3 Debtor's Election To End Tax Year—Form 1040 or 1040-SR ................ 3 Taxes and the Bankruptcy Estate ................. 4 Bankruptcy Estate—Income, Deductions, and Credits ....... 5 Tax Reporting—Chapter 11 Cases ................. 6 Bankruptcy Estate Tax Return Filing Requirements and Payment of Tax Due ......... 7 Tax Return Example—Form 1041 .................. 8 Partnerships and Corporations ..... 24 Filing Requirements .......... 24 Partnerships .............. 24 Corporations .............. 24 Determination of Tax ........... 24 Prompt Determination Requests ... 24 Court Jurisdiction Over Tax Matters ................. 26 Bankruptcy Court ............ 26 Tax Court ................ 26 Federal Tax Claims ............. 26 Discharge of Unpaid Tax ....... 27 Debt Cancellation ............. 27 Exclusions ............... 27 Reduction of Tax Attributes ...... 28 Partnerships .............. 29 Corporations .............. 29 Tax Attribute Reduction Example ... 29 Index ..................... 34 Future Developments For the latest information about developments related to Pub. 908, such as legislation enacted Get forms and other information faster and easier at: after it was published, go to IRS.gov/Pub908. • IRS.gov (English) • IRS.gov/Korean (한국어) • IRS.gov/Spanish (Español) • IRS.gov/Russian (Pусский) • IRS.gov/Chinese (中文) • IRS.gov/Vietnamese (TiếngViệt) Jan 29, 2021 Page 2 of 34 Fileid: … ons/P908/202102/A/XML/Cycle09/source 13:49 - 29-Jan-2021 The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing. be blank. You can help bring these children Form (and Instructions) home by looking at the photographs and calling What’s New 1-800-THE-LOST (1-800-843-5678) if you rec- SS-4 SS-4 Application for Employer Bankruptcy estate filing threshold. For tax ognize a child. Identification Number year 2020, the requirement to file a return for a 982 982 Reduction of Tax Attributes Due to bankruptcy estate applies only if gross income Discharge of Indebtedness (and is at least $12,400. This amount is equal to the Introduction Section 1082 Basis Adjustment) standard deduction for married individuals filing a separate return and is generally adjusted an- This publication isn't intended to cover 1040 1040 U.S. Individual Income Tax Return nually. See the Instructions for Form 1041 for ! bankruptcy law in general, or to provide CAUTION detailed discussions of the tax rules for updates to the filing threshold amount for future Schedule SE (Form 1040) Schedule SE (Form 1040) the more complex corporate bankruptcy reor- years. Self-Employment Tax ganizations or other highly technical transac- Bankruptcy administrative expenses. Bank- tions. Additionally, this publication isn't updated 1040-SR 1040-SR U.S. Tax Return for Seniors ruptcy administrative expenses are reported on on an annual basis and may not reflect recent Schedule 1 (Form 1040), as allowable in arriv- developments in bankruptcy or tax law. If you 1040-X 1040-X Amended U.S. Individual Income ing at adjusted gross income. These expenses need more guidance on the bankruptcy or tax Tax Return were previously reported on Schedule A (Form laws applicable to your case, you should seek 1040), as miscellaneous itemized deductions. professional advice. 1041 1041 U.S. Income Tax Return for Estates See Internal Revenue Code section 67(e) and and Trusts Final Regulations - TD9918. For specific report- This publication explains the basic federal income tax aspects of bankruptcy. ing instructions, see Administrative expenses, 1041-ES 1041-ES Estimated Income Tax for later. A fundamental goal of the bankruptcy laws Estates and Trusts enacted by Congress is to give an honest Net operating loss (NOL) carryback. The debtor a financial “fresh start”. This is accom- 1041-V 1041-V Payment Voucher Coronavirus Aid, Relief, and Economic Security plished through the bankruptcy discharge, Act (CARES Act, P.L. 116-136) amended Inter- which is a permanent injunction (court-ordered 4506 4506 Request for Copy of Tax Return nal Revenue Code section 172 to allow a carry- prohibition) against the collection of certain back of any NOL arising in a tax year beginning debts as a personal liability of the debtor. 4506-T 4506-T Request for Transcript of Tax after 2017 and before 2021 to each of the 5 tax Bankruptcy proceedings begin with the filing Return years preceding the tax year of the NOL. Tax- of either a voluntary petition in the United States 4852 4852 Substitute for Form W-2, Wage and payers may elect to waive the carryback period Bankruptcy Court, or in certain cases an invol- Tax Statement, or Form 1099-R, for NOLs arising in those years. To elect to untary petition filed by creditors. This filing cre- Distributions From Pensions, waive the carryback period for an NOL arising ates the bankruptcy estate. Annuities, Retirement or in a tax year beginning in 2018 or 2019, attach a • The bankruptcy estate generally consists Profit-Sharing Plans, IRAs, Insurance statement electing the carryback waiver to your of all of the assets the individual or entity Contracts, etc. return for the first tax year ending after March owns on the date the bankruptcy petition 27, 2020. The attached statement must indicate was filed. 4868 4868 Application for Automatic Extension each tax year that you are making a carryback • The bankruptcy estate is treated as a sep- waiver. For more information, see Rev. Proc. of Time To File U.S. Individual arate taxable entity for individuals filing Income Tax Return 2020-24. If you incurred an NOL in a tax year bankruptcy petitions under chapter 7 or 11 beginning in 2018 or 2019, you can file an of the Bankruptcy Code, discussed later. 7004 7004 Application for Automatic Extension amended return, to carryback the NOL. See • The tax obligations of taxable bankruptcy of Time To File Certain Business Pub 536, Net Operating Losses (NOLs) for Indi- estates are discussed later under Individu- Income Tax, Information, and Other viduals, Estates, and Trusts, for more informa- als in Chapter 7 or 11. Returns tion. Generally, when a debt owed to another person or entity is canceled, the amount can- See How To Get Tax Help later, for information celed or forgiven is considered income that is about getting these publications and forms. Reminders taxed to the person owing the debt. If a debt is canceled under a bankruptcy proceeding, the Automatic 6-month extension of time to file amount canceled isn't income. However, the Bankruptcy Code Tax a bankruptcy estate return. An automatic canceled debt reduces other tax benefits to 6-month extension of time to file a bankruptcy which the debtor would otherwise be entitled. Compliance estate income tax return is available for individ- See Debt Cancellation, later. Requirements uals in chapter 7 or chapter 11 bankruptcy pro- ceedings upon filing a required application. Useful Items Bankruptcy Code tax filing requirements. You may want to see: Tax Returns Due for Periods Debtors filing under chapters 7, 11, 12, and 13 Ending Before the of the Bankruptcy Code must file all applicable Publication Bankruptcy Filing in federal, state, and local tax returns that become Chapter 13 Cases due after a case commences. Failure to file tax 225 225 Farmer's Tax Guide returns timely or obtain an extension can cause The Bankruptcy Code requires chapter 13 debt- a bankruptcy case to be converted to another 525 525 Taxable and Nontaxable Income chapter or dismissed. ors to file all required tax returns for tax pe- 536 536 Net Operating Losses (NOLs) for riods ending within 4 years of the debtor's In chapter 13 cases, the debtor must file all Individuals, Estates, and Trusts bankruptcy filing. All such federal tax returns required tax returns for tax periods ending must be filed with the IRS before the date first within 4 years of the filing of the bankruptcy pe- 538 538 Accounting Periods and Methods set for the first meeting of creditors. The debtor tition. may request the trustee to hold the meeting 544 544 Sales and Other Dispositions of Photographs of missing children. The Inter- open for an additional 120 days to enable the Assets nal Revenue Service is a proud partner with the debtor to file the returns (or until the day the re- National Center for Missing & Exploited turns are due under an automatic IRS exten- 551 551 Basis of Assets Children® (NCMEC). Photographs of missing sion, if later). After notice and hearing, the children selected by the Center may appear in 4681 4681 Canceled Debts, Foreclosures, bankruptcy court may extend the period for an- this publication on pages that would otherwise Repossessions, and Abandonments other 30 days. Page 2 Publication 908 (February 2021) Page 3 of 34 Fileid: … ons/P908/202102/A/XML/Cycle09/source 13:49 - 29-Jan-2021 The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing. Failure to timely file the returns can ded for determining whether relief should be or- prevent confirmation of a chapter 13 dered. plan and result in either dismissal of In bankruptcy cases other than those of indi- Individuals in Chapter 7 the chapter 13 case or conversion to a chap- viduals filing under chapter 7 or 11, the debtor's or 11 ter 7 case.
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