{"product_id":"bankruptcy-and-insolvency-accounting-volume-1-practice-and-procedure-hardback-9780471787617","title":"Bankruptcy and Insolvency Accounting, Volume 1; Practice and Procedure (Hardback) 9780471787617","description":"\u003cfont face=\"Georgia\"\u003e\r\n\u003cp\u003e\u003cfont size=\"6\"\u003eBankruptcy and Insolvency Accounting, Volume 1\u003c\/font\u003e\u003cbr\u003e\r\n\u003cfont size=\"5\"\u003ePractice and Procedure\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\r\n\r\n\u003cp\u003e\u003cfont size=\"4\"\u003eGrant W. Newton (Author)\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e9780471787617, Wiley\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eHardback, published 12 January 2010\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e936 pages, Exhibits: 34 B\u0026amp;W, 0 Color\u003cbr\u003e25.2 x 18 x 3.8 cm, 1.542 kg\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\r\n\r\n\r\n\u003cp align=\"justify\"\u003e\u003cstrong\u003e\u003cfont size=\"3\"\u003eAccountants and financial managers are often the first professionals to realize that a financial problem exists within a corporation but must be familiar with the various alternatives available to clients before they can offer solutions. Completely updated, \u003ci\u003eBankruptcy and Insolvency Accounting, Seventh Edition, Volume 1\u003c\/i\u003e provides detailed information on SOP 90-7 and FASB statements 141, 142, and 144 and revisions made in CSSR 93-1 by CSSR 03-1. The process of corporate restructuring is thoroughly described for controllers, CEOs, CFOs and CPAs with small businesses as clients.\u003c\/font\u003e\u003c\/strong\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e\u003cp\u003ePreface xxxv\u003c\/p\u003e \u003cp\u003eAcknowledgments xxxix\u003c\/p\u003e \u003cp\u003eAbout the Author xli\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART ONE BANKRUPTCY AND INSOLVENCY ENVIRONMENT 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e1 Accountant’s and Financial Advisor’s Role in Perspective, 3\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1.1 Introduction, 3\u003c\/p\u003e \u003cp\u003e1.2 Scope of Coverage, 4\u003c\/p\u003e \u003cp\u003eAccounting Services, 5\u003c\/p\u003e \u003cp\u003e1.3 Need for Financial Advisor’s Services, 5\u003c\/p\u003e \u003cp\u003e1.4 Financial Advisor Defined, 6\u003c\/p\u003e \u003cp\u003eTopical Overview, 7\u003c\/p\u003e \u003cp\u003e1.5 Economic Causes of Business Failure, 7\u003c\/p\u003e \u003cp\u003e1.6 Business Turnaround, 7\u003c\/p\u003e \u003cp\u003e1.7 Alternatives Available to a Financially Troubled Business, 7\u003c\/p\u003e \u003cp\u003e1.8 Comparison of Title 11 of the United States Code with the Bankruptcy Act, 11\u003c\/p\u003e \u003cp\u003e1.9 Retention of the Financial Advisor and Fees, 13\u003c\/p\u003e \u003cp\u003e1.10 Accounting Services, 14\u003c\/p\u003e \u003cp\u003e1.11 Special Investigation and Financial Reporting, 14\u003c\/p\u003e \u003cp\u003e1.12 Tax Awareness, 14\u003c\/p\u003e \u003cp\u003eResponsibilities of Independent Accountant, 15\u003c\/p\u003e \u003cp\u003e1.13 Responsibilities in General, 15\u003c\/p\u003e \u003cp\u003e1.14 Observation of Business Decline, 15\u003c\/p\u003e \u003cp\u003e1.15 Responsibility to Client, 16\u003c\/p\u003e \u003cp\u003e1.16 Advice on Selection of Attorneys, 17\u003c\/p\u003e \u003cp\u003e1.17 Other Steps to “Manage” the Proceedings, 18\u003c\/p\u003e \u003cp\u003eProfessional Certification, 18\u003c\/p\u003e \u003cp\u003e1.18 Certified Insolvency and Restructuring Advisors, 18\u003c\/p\u003e \u003cp\u003e1.19 Certification in Distressed Business Valuation, 20\u003c\/p\u003e \u003cp\u003e\u003cb\u003e2 Economic Causes of Business Failures, 21\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e2.1 Introduction, 21\u003c\/p\u003e \u003cp\u003eDefinition of Successful and Unsuccessful Business, 21\u003c\/p\u003e \u003cp\u003e2.2 Failure Defined, 21\u003c\/p\u003e \u003cp\u003e2.3 Business Failure Statistics, 23\u003c\/p\u003e \u003cp\u003eCauses of Financial Difficulty, 24\u003c\/p\u003e \u003cp\u003e2.4 Introduction, 24\u003c\/p\u003e \u003cp\u003e2.5 Size of Business Failures, 26\u003c\/p\u003e \u003cp\u003e2.6 Geographic Distribution of Business Failures, 29\u003c\/p\u003e \u003cp\u003e2.7 Age of Business Failures, 30\u003c\/p\u003e \u003cp\u003e2.8 Business Failures and Economic Conditions, 30\u003c\/p\u003e \u003cp\u003e2.9 Characteristics of the Economic System, 33\u003c\/p\u003e \u003cp\u003e2.10 Casualties, 34\u003c\/p\u003e \u003cp\u003e2.11 Inside Underlying Causes, 34\u003c\/p\u003e \u003cp\u003e2.12 Dishonesty and Fraud: Planned Bankruptcies, Sham, 42\u003c\/p\u003e \u003cp\u003e2.13 Other External Causes, 42\u003c\/p\u003e \u003cp\u003eStages of Financial Failure, 43\u003c\/p\u003e \u003cp\u003e2.14 Introduction, 43\u003c\/p\u003e \u003cp\u003e2.15 Period of Incubation, 44\u003c\/p\u003e \u003cp\u003e2.16 Cash Shortage, 45\u003c\/p\u003e \u003cp\u003e2.17 Financial or Commercial Insolvency (Equity Definition), 45\u003c\/p\u003e \u003cp\u003e2.18 Total Insolvency (Bankruptcy Definition), 45\u003c\/p\u003e \u003cp\u003e2.19 Bankruptcy or Out-of-Court Workout, 45\u003c\/p\u003e \u003cp\u003eDetection of Failure Tendencies, 46\u003c\/p\u003e \u003cp\u003e2.20 Introduction, 46\u003c\/p\u003e \u003cp\u003e2.21 Trend Analysis, 46\u003c\/p\u003e \u003cp\u003e2.22 Analysis of Accounting Measures, 48\u003c\/p\u003e \u003cp\u003e2.23 Analysis of Management, 64\u003c\/p\u003e \u003cp\u003e2.24 Importance of Forecasts, 64\u003c\/p\u003e \u003cp\u003e2.25 Other Factors, 65\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART TWO LEGAL ASPECTS OF BANKRUPTCY AND INSOLVENCY PROCEEDINGS 67\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e3 Turnaround Process, 69\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e3.1 Objectives, 69\u003c\/p\u003e \u003cp\u003eStages of Turnaround Process, 69\u003c\/p\u003e \u003cp\u003e3.2 Introduction, 69\u003c\/p\u003e \u003cp\u003e3.3 Stage 1: Management Change, 71\u003c\/p\u003e \u003cp\u003e3.4 Stage 2: Situation Analysis, 72 Competitive Ability, 77\u003c\/p\u003e \u003cp\u003e3.5 Stage 3: Design and Selection of Turnaround Strategy, 78\u003c\/p\u003e \u003cp\u003e3.6 Stage 4: Emergency Action Stage, 81\u003c\/p\u003e \u003cp\u003e3.7 Stage 5: Business Restructuring Stage, 87\u003c\/p\u003e \u003cp\u003e3.8 Stage 6: Return-to-Normal Stage, 89\u003c\/p\u003e \u003cp\u003eCharacteristics of Effective Turnaround Managers, 90\u003c\/p\u003e \u003cp\u003e3.9 Introduction, 90\u003c\/p\u003e \u003cp\u003e3.10 Organizational Leader, 91\u003c\/p\u003e \u003cp\u003e3.11 Ability to Develop and Implement Strategy, 91\u003c\/p\u003e \u003cp\u003e3.12 Entrepreneurial Instincts, 91\u003c\/p\u003e \u003cp\u003e3.13 “Hands-On” Operating Experience, 91\u003c\/p\u003e \u003cp\u003e3.14 Effective Negotiating Skills, 92\u003c\/p\u003e \u003cp\u003e3.15 Good Interviewing Skills, 92\u003c\/p\u003e \u003cp\u003e3.16 Action Orientation, 92\u003c\/p\u003e \u003cp\u003e3.17 Trustworthiness and Fairness, 93\u003c\/p\u003e \u003cp\u003eTechniques Used in Business Turnarounds, 94\u003c\/p\u003e \u003cp\u003e3.18 Introduction, 94\u003c\/p\u003e \u003cp\u003e3.19 Lean Manufacturing, 94\u003c\/p\u003e \u003cp\u003e3.20 Activity-Based Costing, 98\u003c\/p\u003e \u003cp\u003e3.21 Retail Store “Four-Wall” Analysis, 102\u003c\/p\u003e \u003cp\u003e3.22 Business Process Reengineering, 108\u003c\/p\u003e \u003cp\u003eSummary and Recommendations, 109\u003c\/p\u003e \u003cp\u003e3.23 Summary, 109\u003c\/p\u003e \u003cp\u003e\u003cb\u003e4 Nonbankruptcy Proceedings, 111\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e4.1 Introduction, 111\u003c\/p\u003e \u003cp\u003eOut-of-Court Settlements, 111\u003c\/p\u003e \u003cp\u003e4.2 Nature of Proceedings, 111\u003c\/p\u003e \u003cp\u003e4.3 Importance of an Early Meeting Date, 113\u003c\/p\u003e \u003cp\u003e4.4 Preparation for the Creditors’ Meeting, 113\u003c\/p\u003e \u003cp\u003e4.5 Appointment of Creditors’ Committee, 114\u003c\/p\u003e \u003cp\u003e4.6 Duties and Functions of Creditors’ Committee, 115\u003c\/p\u003e \u003cp\u003e4.7 Interim Management, 116\u003c\/p\u003e \u003cp\u003e4.8 Committee Management, 116\u003c\/p\u003e \u003cp\u003ePreparation of a Plan of Settlement, 118\u003c\/p\u003e \u003cp\u003e4.9 Introduction, 118\u003c\/p\u003e \u003cp\u003e4.10 Conditions of Agreement, 119\u003c\/p\u003e \u003cp\u003e4.11 Out-of-Court Agreement Prior to Chapter 11 (Prepackaged Bankruptcy), 120\u003c\/p\u003e \u003cp\u003eAdvantages and Disadvantages, 121\u003c\/p\u003e \u003cp\u003e4.12 Advantages, 121\u003c\/p\u003e \u003cp\u003e4.13 Disadvantages, 121\u003c\/p\u003e \u003cp\u003eAssignment for the Benefit of Creditors (State Court), 122\u003c\/p\u003e \u003cp\u003e4.14 Introduction, 123\u003c\/p\u003e \u003cp\u003e4.15 Duties, Functions, and Procedures of Assignee, 122\u003c\/p\u003e \u003cp\u003e4.16 Discharge of Debts, 123\u003c\/p\u003e \u003cp\u003e4.17 Advantages, 124\u003c\/p\u003e \u003cp\u003e4.18 Disadvantages, 125\u003c\/p\u003e \u003cp\u003e\u003cb\u003e5 Nature of Bankruptcy and Insolvency Proceedings, 127 \u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOrigin, 127\u003c\/p\u003e \u003cp\u003e5.1 Introduction, 127\u003c\/p\u003e \u003cp\u003e5.2 United States, 128\u003c\/p\u003e \u003cp\u003e5.3 Insolvency and Bankruptcy Laws Today, 130\u003c\/p\u003e \u003cp\u003e5.4 Current Bankruptcy Statistics, 132\u003c\/p\u003e \u003cp\u003eNature of Insolvency, 134\u003c\/p\u003e \u003cp\u003e5.5 Types of Insolvency, 134\u003c\/p\u003e \u003cp\u003e5.6 Equity versus Bankruptcy Meanings of Insolvency, 135\u003c\/p\u003e \u003cp\u003e5.7 Determination of Assets and Liabilities, 135\u003c\/p\u003e \u003cp\u003e5.8 Valuation of Assets, 136\u003c\/p\u003e \u003cp\u003e5.9 Insolvency and the Bankruptcy Code, 136\u003c\/p\u003e \u003cp\u003e5.10 Should There Be a Threshold Test?, 137\u003c\/p\u003e \u003cp\u003e5.11 Alternatives Available to a Financially Troubled Business, 139\u003c\/p\u003e \u003cp\u003eAssignment for the Benefit of Creditors (State Court), 140\u003c\/p\u003e \u003cp\u003e5.12 Introduction, 140\u003c\/p\u003e \u003cp\u003e5.13 Duties, Functions, and Procedures of Assignee, 140\u003c\/p\u003e \u003cp\u003e5.14 Discharge of Debts, 141\u003c\/p\u003e \u003cp\u003e5.15 Advantages, 142\u003c\/p\u003e \u003cp\u003e5.16 Disadvantages, 142\u003c\/p\u003e \u003cp\u003eProvisions Common to all Proceedings, 143\u003c\/p\u003e \u003cp\u003e5.17 Introduction, 143\u003c\/p\u003e \u003cp\u003e5.18 Bankruptcy Courts, 144\u003c\/p\u003e \u003cp\u003e5.19 U.S. Trustee, 146\u003c\/p\u003e \u003cp\u003e5.20 Sovereign Immunity, 149\u003c\/p\u003e \u003cp\u003e5.21 Commencement of Cases, 154\u003c\/p\u003e \u003cp\u003e5.22 Filing and Quarterly Fees, 156\u003c\/p\u003e \u003cp\u003e5.23 Partnership, 157\u003c\/p\u003e \u003cp\u003e5.24 Meeting of Creditors, 158\u003c\/p\u003e \u003cp\u003e5.25 Meeting of Equity Security Holders, 159\u003c\/p\u003e \u003cp\u003e5.26 Adequate Protection, 159\u003c\/p\u003e \u003cp\u003e5.27 Automatic Stay, 164\u003c\/p\u003e \u003cp\u003e5.28 Use of the Estate’s Property, 174\u003c\/p\u003e \u003cp\u003e5.29 Executory Contracts and Leases, 175\u003c\/p\u003e \u003cp\u003e5.30 Utility Service, 193\u003c\/p\u003e \u003cp\u003e5.31 Allowance of Claims or Interests, 196\u003c\/p\u003e \u003cp\u003e5.32 Expense of Administration, 202\u003c\/p\u003e \u003cp\u003e5.33 Priorities, 205\u003c\/p\u003e \u003cp\u003e5.34 Exemptions, 207\u003c\/p\u003e \u003cp\u003e5.35 Discharge of Debts, 211\u003c\/p\u003e \u003cp\u003e5.36 Property of the Estate, 213\u003c\/p\u003e \u003cp\u003e5.37 Avoiding Power of Trustee, 220\u003c\/p\u003e \u003cp\u003e5.38 Reclamation and 503(b)(9) Claim, 222\u003c\/p\u003e \u003cp\u003e5.39 Preferences, 226\u003c\/p\u003e \u003cp\u003e5.40 Fraudulent Transfers, 249\u003c\/p\u003e \u003cp\u003e5.41 Postpetition Transfers, 258\u003c\/p\u003e \u003cp\u003e5.42 Postpetition Effect of Security Interest, 259\u003c\/p\u003e \u003cp\u003e5.43 Setoffs, 260\u003c\/p\u003e \u003cp\u003eChapter 7 Liquidation, 263\u003c\/p\u003e \u003cp\u003e5.44 Filing the Petition, 263\u003c\/p\u003e \u003cp\u003e5.45 Trustee, 264\u003c\/p\u003e \u003cp\u003e5.46 Creditors’ Committee, 266\u003c\/p\u003e \u003cp\u003e5.47 Partnerships, 267\u003c\/p\u003e \u003cp\u003e5.48 Treatment of Tax Liens, 269\u003c\/p\u003e \u003cp\u003e5.49 Liquidation of Assets, 269\u003c\/p\u003e \u003cp\u003e5.50 Discharge, 271\u003c\/p\u003e \u003cp\u003e5.51 Discharge of Environmental Claims, 278\u003c\/p\u003e \u003cp\u003eSIPC Liquidation, 278\u003c\/p\u003e \u003cp\u003e5.52 Introduction, 278\u003c\/p\u003e \u003cp\u003e5.53 Determination of Need of Protection, 279\u003c\/p\u003e \u003cp\u003e5.54 Appointment of Trustee, 280\u003c\/p\u003e \u003cp\u003e5.55 Court Jurisdiction, 280\u003c\/p\u003e \u003cp\u003e5.56 Powers and Duties of Trustee, 283\u003c\/p\u003e \u003cp\u003e5.57 Satisfaction of Claims, 284\u003c\/p\u003e \u003cp\u003e5.58 Prohibited Acts, 286\u003c\/p\u003e \u003cp\u003e5.59 Role of Securities and Exchange Commission, 287\u003c\/p\u003e \u003cp\u003e5.60 Compensation in an SIPA Action, 288\u003c\/p\u003e \u003cp\u003e\u003cb\u003e6 Rehabilitation Proceedings Under the Bankruptcy Code, 289\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e6.1 Introduction, 289\u003c\/p\u003e \u003cp\u003e6.2 Purpose of Chapter 11, 289\u003c\/p\u003e \u003cp\u003eOperating Under Chapter 11, 290\u003c\/p\u003e \u003cp\u003e6.3 Role of the Court and U.S. Trustee, 290\u003c\/p\u003e \u003cp\u003e6.4 KERPs, 292\u003c\/p\u003e \u003cp\u003e6.5 Consolidation of Chapter 11 Petitions, 296\u003c\/p\u003e \u003cp\u003e6.6 Creditors’ and Equity Holders’ Committees, 302\u003c\/p\u003e \u003cp\u003e6.7 Appointment or Election of Trustee, 309\u003c\/p\u003e \u003cp\u003e6.8 Appointment of Examiner, 314\u003c\/p\u003e \u003cp\u003e6.9 Operation of the Business, 318\u003c\/p\u003e \u003cp\u003e6.10 Automatic Stay, 319\u003c\/p\u003e \u003cp\u003e6.11 Impact of Timbers, 319\u003c\/p\u003e \u003cp\u003e6.12 Use of Collateral, 320\u003c\/p\u003e \u003cp\u003e6.13 Use of Cash Collateral, 320\u003c\/p\u003e \u003cp\u003e6.14 Obtaining Credit, 322\u003c\/p\u003e \u003cp\u003e6.15 Claims and Interests, 330\u003c\/p\u003e \u003cp\u003e6.16 Special Provisions for Partially Secured Creditors, 340\u003c\/p\u003e \u003cp\u003eDeveloping the Plan, 342\u003c\/p\u003e \u003cp\u003e6.17 Negotiating a Chapter 11 Plan, 343\u003c\/p\u003e \u003cp\u003e6.18 Exclusivity Period, 344\u003c\/p\u003e \u003cp\u003e6.21 Secured Claim Classification, 356\u003c\/p\u003e \u003cp\u003e6.22 Interest Classification, 357\u003c\/p\u003e \u003cp\u003e6.23 Content of the Plan, 357\u003c\/p\u003e \u003cp\u003e6.24 Permissible Provisions, 359\u003c\/p\u003e \u003cp\u003e6.25 Impairment of Claims, 361\u003c\/p\u003e \u003cp\u003e6.26 Disclosure Statement, 364\u003c\/p\u003e \u003cp\u003e6.27 Modification of the Plan, 373\u003c\/p\u003e \u003cp\u003eConfirmation of the Plan, 375\u003c\/p\u003e \u003cp\u003e6.28 Acceptance of the Plan, 375\u003c\/p\u003e \u003cp\u003e6.29 Confirmation Hearing, 375\u003c\/p\u003e \u003cp\u003e6.30 Confirmation Requirements, 376\u003c\/p\u003e \u003cp\u003e6.31 Best Interest of Creditors, 378\u003c\/p\u003e \u003cp\u003e6.32 Priority Treatment, 379\u003c\/p\u003e \u003cp\u003e6.33 Feasibility, 381\u003c\/p\u003e \u003cp\u003e6.34 Cramdown, 385\u003c\/p\u003e \u003cp\u003e6.35 Chapter 11 Cases Filed by Individuals, 394\u003c\/p\u003e \u003cp\u003ePostconfirmation, 397\u003c\/p\u003e \u003cp\u003e6.36 Impact, 397\u003c\/p\u003e \u003cp\u003e6.37 Distribution, 400\u003c\/p\u003e \u003cp\u003e6.38 Discharge of Debts, 401\u003c\/p\u003e \u003cp\u003e6.39 Postconfirmation Recovery, 401\u003c\/p\u003e \u003cp\u003e6.40 Securities Law Exemption, 402\u003c\/p\u003e \u003cp\u003e6.41 Final Decree, 404\u003c\/p\u003e \u003cp\u003e6.42 Conversion to Chapter 7 or Dismissal, 405\u003c\/p\u003e \u003cp\u003e6.43 Advantages and Disadvantages of Chapter 11, 407\u003c\/p\u003e \u003cp\u003eChapter 12: Adjustment of Debts of a Family Farmer with Regular Annual Income, 407\u003c\/p\u003e \u003cp\u003e6.44 Purpose, 407\u003c\/p\u003e \u003cp\u003e6.45 Requirements for Use, 408\u003c\/p\u003e \u003cp\u003e6.46 Operation of Farm, 408\u003c\/p\u003e \u003cp\u003e6.47 Chapter 12 Plan, 409\u003c\/p\u003e \u003cp\u003eChapter 13: Adjustment of Debts of an Individual with Regular Income, 411\u003c\/p\u003e \u003cp\u003e6.48 Nature, 411\u003c\/p\u003e \u003cp\u003e6.49 Filing of Petition, 411\u003c\/p\u003e \u003cp\u003e6.50 Operation of Business, 413\u003c\/p\u003e \u003cp\u003e6.51 The Plan, 413\u003c\/p\u003e \u003cp\u003e6.52 Discharge of Debts, 417\u003c\/p\u003e \u003cp\u003e6.53 Use of Chapter 13 by Business, 418\u003c\/p\u003e \u003cp\u003e6.54 Chapter 15: Ancillary and Other Cross Border Cases, 419\u003c\/p\u003e \u003cp\u003e\u003cb\u003e7 Retention of the Financial Advisor and Fees, 427\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e7.1 Introduction, 427\u003c\/p\u003e \u003cp\u003eRetention of the Financial Advisor, 428\u003c\/p\u003e \u003cp\u003e7.2 The Accountant or Financial Advisor’s Role in the Proceedings, 428\u003c\/p\u003e \u003cp\u003e7.3 Obtaining the Engagement, 428\u003c\/p\u003e \u003cp\u003e7.4 Retention Procedure, 429\u003c\/p\u003e \u003cp\u003e7.5 Creditors’ Committee, 432\u003c\/p\u003e \u003cp\u003e7.6 Source of Payment, 433\u003c\/p\u003e \u003cp\u003e7.7 Affidavit of Proposed Financial Advisor, 434\u003c\/p\u003e \u003cp\u003e7.8 Survey of Work to Be Performed, 440\u003c\/p\u003e \u003cp\u003e7.9 Application for Retention, 441\u003c\/p\u003e \u003cp\u003e7.10 Retention Order, 444\u003c\/p\u003e \u003cp\u003e7.11 Retention on a Retainer Basis, 444\u003c\/p\u003e \u003cp\u003e7.12 Deviations from Retention Order, 445\u003c\/p\u003e \u003cp\u003e7.13 Accountants as Consultants or Financial Advisors, 445\u003c\/p\u003e \u003cp\u003e7.14 Prepetition Retention, 446\u003c\/p\u003e \u003cp\u003e7.15 Retention Procedure—Informal, 446\u003c\/p\u003e \u003cp\u003e7.16 Accountants as Quasi-Officers of the Court, 447\u003c\/p\u003e \u003cp\u003eDetermination of Financial Advisor’s Fees, 447\u003c\/p\u003e \u003cp\u003e7.17 Introduction, 447\u003c\/p\u003e \u003cp\u003e7.18 SEC May Object to Fees, 448\u003c\/p\u003e \u003cp\u003e7.19 Compensation Reviewed by U.S. Trustee, 449\u003c\/p\u003e \u003cp\u003e7.20 Compensation Must Be Approved by the Court, 449\u003c\/p\u003e \u003cp\u003e7.21 Factors to Consider When Estimating Fees, 453\u003c\/p\u003e \u003cp\u003e7.22 Compensation Based on Comparable Services, 458\u003c\/p\u003e \u003cp\u003e7.23 Prepetition Fees, 460\u003c\/p\u003e \u003cp\u003eTime Records, 461\u003c\/p\u003e \u003cp\u003e7.24 Requirements, 461\u003c\/p\u003e \u003cp\u003ePetition for Fee Allowance, 462\u003c\/p\u003e \u003cp\u003e7.25 Court Discretion in Ruling on Fees, 462\u003c\/p\u003e \u003cp\u003e7.26 Procedure for Filing the Petition, 465\u003c\/p\u003e \u003cp\u003e7.27 Payment for Services Rendered, 466\u003c\/p\u003e \u003cp\u003e\u003cb\u003e8 Accounting and Financial Services for Debtors-in-Possession or Trustee, 469\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eNature of Accounting Services, 469\u003c\/p\u003e \u003cp\u003e8.1 Introduction, 469\u003c\/p\u003e \u003cp\u003e8.2 Parties Retaining Accountants and Financial Advisors, 469\u003c\/p\u003e \u003cp\u003e8.3 Summary of Services, 471\u003c\/p\u003e \u003cp\u003ePrefiling Stage of Chapter Proceedings, 472\u003c\/p\u003e \u003cp\u003e8.4 Importance of Early Meetings, 472\u003c\/p\u003e \u003cp\u003e8.5 Advice on Selection of Counsel, 473\u003c\/p\u003e \u003cp\u003e8.6 Conference with Attorney, 473\u003c\/p\u003e \u003cp\u003e8.7 Determine Alternatives, 474\u003c\/p\u003e \u003cp\u003e8.8 Prebankruptcy Planning, 475\u003c\/p\u003e \u003cp\u003eAccounting\/Financial Reporting Requirements, 481\u003c\/p\u003e \u003cp\u003e8.9 Introduction, 481\u003c\/p\u003e \u003cp\u003e8.10 Affidavits in Support of Petition, 483\u003c\/p\u003e \u003cp\u003e8.11 Supporting Schedules, 484\u003c\/p\u003e \u003cp\u003e8.12 Statement of Financial Affairs, 487\u003c\/p\u003e \u003cp\u003e8.13 Monthly Reporting, 488\u003c\/p\u003e \u003cp\u003e8.14 U.S. Trustee’s Requirements, 489\u003c\/p\u003e \u003cp\u003e8.15 Operating Statements, 490\u003c\/p\u003e \u003cp\u003e8.16 SEC Reporting in Chapter 11, 492\u003c\/p\u003e \u003cp\u003e8.17 Bankruptcy Claims Management Process, 495\u003c\/p\u003e \u003cp\u003eFormulation of a Plan of Reorganization, 499\u003c\/p\u003e \u003cp\u003e8.18 Introduction, 499\u003c\/p\u003e \u003cp\u003e8.19 Liquidation Value of Assets, 500\u003c\/p\u003e \u003cp\u003e8.20 Projection of Future Operations, 501\u003c\/p\u003e \u003cp\u003e8.21 Reorganization Value, 501\u003c\/p\u003e \u003cp\u003e8.22 Pro Forma Balance Sheet, 502\u003c\/p\u003e \u003cp\u003e8.23 Formulating an Amended Plan, 503\u003c\/p\u003e \u003cp\u003e8.24 Disclosure Statement, 503\u003c\/p\u003e \u003cp\u003eAccountant and Financial Advisor as Examiner, 504\u003c\/p\u003e \u003cp\u003e8.25 Nature of Service, 504\u003c\/p\u003e \u003cp\u003eAdditional or Other Accounting Services, 505\u003c\/p\u003e \u003cp\u003e8.26 Introduction, 505\u003c\/p\u003e \u003cp\u003e8.27 Normal Accounting Services, 505\u003c\/p\u003e \u003cp\u003e8.28 Special Investigation, 505\u003c\/p\u003e \u003cp\u003e8.29 Accounting Services and the Granting of New Credit, 507\u003c\/p\u003e \u003cp\u003eProfessional Conduct of Accountants and Financial Advisors, 508\u003c\/p\u003e \u003cp\u003e8.30 Introduction, 508\u003c\/p\u003e \u003cp\u003e8.31 Personal Liability: Preparation of Financial Statements, 508\u003c\/p\u003e \u003cp\u003e8.32 Professional Conduct of Debtor’s Accountant— Toward Client, 509\u003c\/p\u003e \u003cp\u003e8.33 Professional Conduct of Debtor’s Accountant— Toward Creditors’ Accountant\/Advisors, 510\u003c\/p\u003e \u003cp\u003e8.34 Direct Liability to Third Parties, 511\u003c\/p\u003e \u003cp\u003e8.35 Other Professional Ethical Factors, 511\u003c\/p\u003e \u003cp\u003e\u003cb\u003e9 Other Financial Advisory Services for Debtors-in-Possession or Trustee, 513\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e9.1 Introduction, 513\u003c\/p\u003e \u003cp\u003eManagement Advisory Services, 513\u003c\/p\u003e \u003cp\u003e9.2 Introduction, 513\u003c\/p\u003e \u003cp\u003e9.3 Long-Range Business Plan, 514\u003c\/p\u003e \u003cp\u003e9.4 Financial Projections, 516\u003c\/p\u003e \u003cp\u003eInterim Management Services, 516\u003c\/p\u003e \u003cp\u003e9.5 Introduction, 516\u003c\/p\u003e \u003cp\u003e9.6 Retention, 517\u003c\/p\u003e \u003cp\u003e9.7 Billing, 517\u003c\/p\u003e \u003cp\u003eBalloting and Noticing Agent Services, 517\u003c\/p\u003e \u003cp\u003e9.8 Noticing Overview, 517\u003c\/p\u003e \u003cp\u003e9.9 Solicitation Overview, 518\u003c\/p\u003e \u003cp\u003e9.10 Pre-Balloting Services, 519\u003c\/p\u003e \u003cp\u003e9.11 Plan Classes, 519\u003c\/p\u003e \u003cp\u003e9.12 Solicitation Process, 520\u003c\/p\u003e \u003cp\u003e9.13 Plan Information and Ballots, 520\u003c\/p\u003e \u003cp\u003eChapter 7 and Chapter 11 Liquidations, 521\u003c\/p\u003e \u003cp\u003e9.14 Introduction, 521\u003c\/p\u003e \u003cp\u003e9.15 Items Requiring Immediate Attention, 521\u003c\/p\u003e \u003cp\u003e9.16 Performance of Audits and Other Special Investigations, 522\u003c\/p\u003e \u003cp\u003e9.17 SIPC Liquidation, 522\u003c\/p\u003e \u003cp\u003ePostconfirmation Services, 523\u003c\/p\u003e \u003cp\u003e9.18 Overview, 523\u003c\/p\u003e \u003cp\u003e9.19 Litigation Trusts, 523\u003c\/p\u003e \u003cp\u003e9.20 Tort Trusts, 523\u003c\/p\u003e \u003cp\u003e\u003cb\u003e10 Accounting and Financial Services for the Creditors’ Committee, 525\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eNature of Creditors’ Committee, 525\u003c\/p\u003e \u003cp\u003e10.1 Introduction, 525\u003c\/p\u003e \u003cp\u003e10.2 Creditors’ Committees, 526\u003c\/p\u003e \u003cp\u003e10.3 Directing Committee Activities, 534\u003c\/p\u003e \u003cp\u003e10.4 Data, 535\u003c\/p\u003e \u003cp\u003e10.5 Bargaining Process, 535\u003c\/p\u003e \u003cp\u003e10.6 Role of Creditors’ Financial Advisor in the Bargaining Process, 536\u003c\/p\u003e \u003cp\u003e10.7 Form of Consideration, 537\u003c\/p\u003e \u003cp\u003eMonitoring Debtor’s Activities, 537\u003c\/p\u003e \u003cp\u003e10.8 Introduction, 537\u003c\/p\u003e \u003cp\u003e10.9 Areas Requiring Immediate Attention, 537\u003c\/p\u003e \u003cp\u003e10.10 Importance of Speed, 538\u003c\/p\u003e \u003cp\u003e10.11 Establishment of Proper Controls, 539\u003c\/p\u003e \u003cp\u003e10.12 Investigation of Causes of Failure and Development of Controls to Limit Further Impairment of Assets, 540\u003c\/p\u003e \u003cp\u003e10.13 Review of Receipts and Disbursements Control, 540\u003c\/p\u003e \u003cp\u003e10.14 Review of Debtor’s Accounting System, 541\u003c\/p\u003e \u003cp\u003e10.15 “Insider” Problem, 542\u003c\/p\u003e \u003cp\u003e10.16 Review of Weekly\/Monthly Reporting, 544\u003c\/p\u003e \u003cp\u003eSpecial Investigations and Reviews, 545\u003c\/p\u003e \u003cp\u003e10.17 Investigation of Debtor’s Books and Records, 545\u003c\/p\u003e \u003cp\u003e10.18 Review of Debtor’s Transactions, 546\u003c\/p\u003e \u003cp\u003e10.19 Evaluation of Debtor’s Projections, 546\u003c\/p\u003e \u003cp\u003e10.20 Review of Plan of Reorganization and Disclosure Statement, 547\u003c\/p\u003e \u003cp\u003eOther Accounting Services, 550\u003c\/p\u003e \u003cp\u003e10.21 Introduction, 550\u003c\/p\u003e \u003cp\u003e10.22 Secured Creditor, 550\u003c\/p\u003e \u003cp\u003e10.23 Major Stockholder or Equity Committee, 550\u003c\/p\u003e \u003cp\u003e10.24 Responsibilities of Creditors’ Financial Advisor, 551\u003c\/p\u003e \u003cp\u003e\u003cb\u003e11 Valuation of a Business in Bankruptcy Proceedings, 553 \u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eImportance of Valuation, 553\u003c\/p\u003e \u003cp\u003e11.1 Introduction, 553\u003c\/p\u003e \u003cp\u003e11.2 Adequate Protection under Section 361, 554\u003c\/p\u003e \u003cp\u003e11.3 Claims Determination, 558\u003c\/p\u003e \u003cp\u003e11.4 Recovery Action, 561\u003c\/p\u003e \u003cp\u003e11.5 Chapter 13 Secured Claims, 567\u003c\/p\u003e \u003cp\u003e11.6 Determining Best Interest of Creditors and Stockholders under Chapter 11, 568\u003c\/p\u003e \u003cp\u003e11.7 Determining Whether a Plan Is Fair and Equitable to a Dissenting Class in Chapter 11, 569\u003c\/p\u003e \u003cp\u003e11.8 Determining Feasibility, 573\u003c\/p\u003e \u003cp\u003e11.9 Codification of Value, 573\u003c\/p\u003e \u003cp\u003eLiquidation Values, 575\u003c\/p\u003e \u003cp\u003e11.10 Introduction, 575\u003c\/p\u003e \u003cp\u003e11.11 Approaches, 577\u003c\/p\u003e \u003cp\u003eGoing-Concern (Reorganization) Valuation, 578\u003c\/p\u003e \u003cp\u003e11.12 Introduction, 578\u003c\/p\u003e \u003cp\u003e11.13 Cost of Capital, 579\u003c\/p\u003e \u003cp\u003e11.14 Appraisal Value or Replacement Cost, 588\u003c\/p\u003e \u003cp\u003e11.15 Market Value of Securities, 588\u003c\/p\u003e \u003cp\u003e11.16 Income Approach (Discounted Cash Flows), 589\u003c\/p\u003e \u003cp\u003e11.17 Market Approach, 596\u003c\/p\u003e \u003cp\u003e11.18 Asset-Based (Cost) Approach, 607\u003c\/p\u003e \u003cp\u003e11.19 Discounts and Premiums, 612\u003c\/p\u003e \u003cp\u003e11.20 Synthesizing Results, 618\u003c\/p\u003e \u003cp\u003e11.21 Determining Liabilities, 622\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART THREE INVESTIGATION AND REPORTS\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e12 Special Areas of Inquiry, 627\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eNature of Investigation, 627\u003c\/p\u003e \u003cp\u003e12.1 Introduction, 627\u003c\/p\u003e \u003cp\u003e12.2 Objectives, 628\u003c\/p\u003e \u003cp\u003e12.3 Balance Sheet Emphasis, 629\u003c\/p\u003e \u003cp\u003e12.4 Modifications of Investigation, 629\u003c\/p\u003e \u003cp\u003eIntroduction to the Special Areas of Inquiry, 631\u003c\/p\u003e \u003cp\u003e12.5 Irregularities, 631\u003c\/p\u003e \u003cp\u003e12.6 Fraud, 633\u003c\/p\u003e \u003cp\u003e12.7 Proof of Fraud, 634\u003c\/p\u003e \u003cp\u003e12.8 Auditor’s Responsibility for the Detection of Irregularities, 634\u003c\/p\u003e \u003cp\u003e12.9 Methods of Discovering Irregularities and Fraud, 640\u003c\/p\u003e \u003cp\u003eAvailability of Books and Records, 641\u003c\/p\u003e \u003cp\u003e12.10 Locating and Obtaining Possession of the Records, 641\u003c\/p\u003e \u003cp\u003e12.11 Scheduling the Books; Procedure Followed for Missing Records, 642\u003c\/p\u003e \u003cp\u003eFraudulent Transfers, 642\u003c\/p\u003e \u003cp\u003e12.12 Transfer of Assets without Fair Consideration, 642\u003c\/p\u003e \u003cp\u003e12.13 Sales of Assets Below Market Values, 643\u003c\/p\u003e \u003cp\u003e12.14 Transfer of Assets to Insiders, Officers, Employees, Relatives, and Others, 643\u003c\/p\u003e \u003cp\u003eConcealment of Assets, 648\u003c\/p\u003e \u003cp\u003e12.15 Merchandise, 648\u003c\/p\u003e \u003cp\u003e12.16 Cash Surrender Value of Officers’ Life Insurance Policies, 650\u003c\/p\u003e \u003cp\u003e12.17 Deposits and Security, 651\u003c\/p\u003e \u003cp\u003e12.18 Investments and Real Estate, 651\u003c\/p\u003e \u003cp\u003e12.19 Machinery and Equipment, 652\u003c\/p\u003e \u003cp\u003eFalse Entries and Statements, 652\u003c\/p\u003e \u003cp\u003e12.20 Mutilation and Alteration of Records, 652\u003c\/p\u003e \u003cp\u003e12.21 Concealment and Destruction of Records, 653\u003c\/p\u003e \u003cp\u003e12.22 Forgery, 653\u003c\/p\u003e \u003cp\u003e12.23 Issuance of False Statements, 653\u003c\/p\u003e \u003cp\u003eFinancing Irregularities, 657\u003c\/p\u003e \u003cp\u003e12.24 Receivables, 657\u003c\/p\u003e \u003cp\u003e12.25 Inventory, 659\u003c\/p\u003e \u003cp\u003ePreferential Payments, 660\u003c\/p\u003e \u003cp\u003e12.26 Introduction, 660\u003c\/p\u003e \u003cp\u003e12.27 Recovery of Preferential Payments, 661\u003c\/p\u003e \u003cp\u003e12.28 Search for Preferential Payments, 662\u003c\/p\u003e \u003cp\u003e12.29 Inflated Claims, 663\u003c\/p\u003e \u003cp\u003eApplicability of Generally Accepted Auditing Standards, 664\u003c\/p\u003e \u003cp\u003e12.30 Auditing Standards, 664\u003c\/p\u003e \u003cp\u003e12.31 Auditing Procedures, 665\u003c\/p\u003e \u003cp\u003e12.32 Audit Program Guide, 666\u003c\/p\u003e \u003cp\u003e\u003cb\u003e13 Financial Reporting During Bankruptcy, 667\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e13.1 Introduction, 667\u003c\/p\u003e \u003cp\u003eForm and Substance of Financial Statements, 668\u003c\/p\u003e \u003cp\u003e13.2 Financial Data Required at the Date of Filing of Petition in Chapter 11, 668\u003c\/p\u003e \u003cp\u003e13.3 Balance Sheet, 668\u003c\/p\u003e \u003cp\u003e13.4 Rejected Leases, 677\u003c\/p\u003e \u003cp\u003e13.5 Warranty Reserves and Similar Liabilities, 678\u003c\/p\u003e \u003cp\u003e13.6 Pension Liability, 679\u003c\/p\u003e \u003cp\u003e13.7 Pro Forma Statement of Financial Position, 681\u003c\/p\u003e \u003cp\u003e13.8 Notes to Statements, 681\u003c\/p\u003e \u003cp\u003e13.9 Statement of Operations, 682\u003c\/p\u003e \u003cp\u003e13.10 Statement of Cash Flows, 687\u003c\/p\u003e \u003cp\u003e13.11 Statement of Capital Deficiency, 689\u003c\/p\u003e \u003cp\u003e13.12 Statement of Affairs, 689\u003c\/p\u003e \u003cp\u003e13.13 Special-Purpose Statements, 693\u003c\/p\u003e \u003cp\u003eAccounting for a Chapter 11 Filing, 694\u003c\/p\u003e \u003cp\u003e13.14 Use of New Accounts, 694\u003c\/p\u003e \u003cp\u003e13.15 Illustration of Entries, 696\u003c\/p\u003e \u003cp\u003e13.16 Accrued Interest, 697\u003c\/p\u003e \u003cp\u003e\u003cb\u003e14 Reporting Results of the Plan, 699\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e14.1 Introduction, 699\u003c\/p\u003e \u003cp\u003eChapter 11, 699\u003c\/p\u003e \u003cp\u003e14.2 Requirements for Fresh-Start Reporting, 699\u003c\/p\u003e \u003cp\u003e14.3 Allocation of Reorganization Value, 701\u003c\/p\u003e \u003cp\u003e14.4 Disclosures, 704\u003c\/p\u003e \u003cp\u003e14.5 Recording the Adoption of Fresh-Start Reporting, 705\u003c\/p\u003e \u003cp\u003e14.6 Deferred Taxes, 708\u003c\/p\u003e \u003cp\u003e14.7 Disclosure Statement, 710\u003c\/p\u003e \u003cp\u003e14.8 Subsequent Events and Preconfirmation Contingencies, 711\u003c\/p\u003e \u003cp\u003e14.9 Reporting by Entities Not Qualifying for Fresh Start, 714\u003c\/p\u003e \u003cp\u003e14.10 Comparison with Prior Periods, 714\u003c\/p\u003e \u003cp\u003eOut-of-Court Workouts, 715\u003c\/p\u003e \u003cp\u003e14.11 Introduction, 715\u003c\/p\u003e \u003cp\u003e14.12 Debt Discharge under FASB Statement No. 15, 715\u003c\/p\u003e \u003cp\u003e14.13 Reporting of Income from Debt Discharge When FASB Statement No. 15 Is Not Applicable, 723\u003c\/p\u003e \u003cp\u003e14.14 Determining the Amount of Income from Debt Discharge When FASB Statement No. 15 Is Not Applicable, 724\u003c\/p\u003e \u003cp\u003eQuasi-Reorganization, 724\u003c\/p\u003e \u003cp\u003e14.15 Introduction, 724\u003c\/p\u003e \u003cp\u003e14.16 Adjustment of Equity Section Only (“Mini Quasi”), 725\u003c\/p\u003e \u003cp\u003e14.17 Adjustment of All Accounts, 726\u003c\/p\u003e \u003cp\u003e14.18 Conditions Necessary for Quasi-Reorganization, 729\u003c\/p\u003e \u003cp\u003e14.19 Quasi-Reorganization and the SEC, 729\u003c\/p\u003e \u003cp\u003e\u003cb\u003e15 Reporting on an Insolvent Company, 731\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e15.1 Introduction, 731\u003c\/p\u003e \u003cp\u003eLitigation Services, 734\u003c\/p\u003e \u003cp\u003e15.2 Application of Litigation Services to Bankruptcy, 734\u003c\/p\u003e \u003cp\u003e15.3 Disclosure Requirements, 736\u003c\/p\u003e \u003cp\u003e15.4 Operating Reports, 736\u003c\/p\u003e \u003cp\u003e15.5 Investigative Services, 737\u003c\/p\u003e \u003cp\u003e15.6 Financial Projections, 738\u003c\/p\u003e \u003cp\u003eAccountant’s Report: Nonlitigation Services, 739\u003c\/p\u003e \u003cp\u003e15.7 Introduction, 739\u003c\/p\u003e \u003cp\u003e15.8 Limitations on Scope, 740\u003c\/p\u003e \u003cp\u003e15.9 Unique Disclosures in Report, 741\u003c\/p\u003e \u003cp\u003e15.10 Full Disclosure, 742\u003c\/p\u003e \u003cp\u003e15.11 Accountant’s Responsibility for Disclosure, 743\u003c\/p\u003e \u003cp\u003eGoing-Concern Concept, 743\u003c\/p\u003e \u003cp\u003e15.12 Introduction, 743\u003c\/p\u003e \u003cp\u003e15.13 Going-Concern Concept Defined, 744\u003c\/p\u003e \u003cp\u003e15.14 Absence of Evidence to the Contrary, 745\u003c\/p\u003e \u003cp\u003e15.15 Auditor’s Responsibility for Evaluation, 746\u003c\/p\u003e \u003cp\u003e15.16 Audit Procedures, 746\u003c\/p\u003e \u003cp\u003e15.17 Consideration of Management’s Plans, 747\u003c\/p\u003e \u003cp\u003eTypes of Opinions, 748\u003c\/p\u003e \u003cp\u003e15.18 Unqualified Opinion, 748\u003c\/p\u003e \u003cp\u003e15.19 Qualified Opinion, 749\u003c\/p\u003e \u003cp\u003e15.20 Disclaimer of Opinion, 750\u003c\/p\u003e \u003cp\u003e15.21 Adverse Opinion, 750\u003c\/p\u003e \u003cp\u003e15.22 Reports Relating to the Results of Applying Agreed-On Procedures, 751\u003c\/p\u003e \u003cp\u003eUnaudited Financial Statements, 753\u003c\/p\u003e \u003cp\u003e15.23 Introduction, 753\u003c\/p\u003e \u003cp\u003e15.24 Public Entity Report, 753\u003c\/p\u003e \u003cp\u003e15.25 Nonpublic Entity Reports, 756\u003c\/p\u003e \u003cp\u003eReporting on a Liquidation of the Debtor, 762\u003c\/p\u003e \u003cp\u003e15.26 Introduction, 762\u003c\/p\u003e \u003cp\u003e15.27 Single-Year Report, 763\u003c\/p\u003e \u003cp\u003e15.28 Comparative Financial Statements, 764\u003c\/p\u003e \u003cp\u003e15.29 Solvency Letters, 764\u003c\/p\u003e \u003cp\u003e15.30 Reports on Prospective Financial Statements, 765\u003c\/p\u003e \u003cp\u003e15.31 Liquidation Analysis, 765\u003c\/p\u003e \u003cp\u003e\u003cb\u003e16 Tax Awareness, 767\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e16.1 Introduction, 767\u003c\/p\u003e \u003cp\u003eNotification of Proceedings and Filing of Returns, 767\u003c\/p\u003e \u003cp\u003e16.2 Notice to Governmental Agencies, 767\u003c\/p\u003e \u003cp\u003e16.3 Responsibility for Filing Income Tax Returns: Corporations, 768\u003c\/p\u003e \u003cp\u003e16.4 Responsibility for Filing Income Tax Returns and Other Information Required by the Bankruptcy Court: Individual and Partnership, 769\u003c\/p\u003e \u003cp\u003eSpecial Rules for Individuals, 774\u003c\/p\u003e \u003cp\u003e16.5 Introduction, 774\u003c\/p\u003e \u003cp\u003e16.6 Income and Deductions, 774\u003c\/p\u003e \u003cp\u003e16.7 Transfers between Debtor and Estate, 775\u003c\/p\u003e \u003cp\u003e16.8 Attribute Carryover to Estate, 778\u003c\/p\u003e \u003cp\u003e16.9 Attribute Carryover to Debtor, 778\u003c\/p\u003e \u003cp\u003e16.10 Carryback of Net Operating Losses and Other Credits Incurred Subsequent to Commencement of Case, 779\u003c\/p\u003e \u003cp\u003e16.11 Administrative Expenses, 779\u003c\/p\u003e \u003cp\u003e16.12 Change in Accounting Period, 782\u003c\/p\u003e \u003cp\u003eMinimization of Tax and Related Payments, 782\u003c\/p\u003e \u003cp\u003e16.13 Estimated Taxes, 782\u003c\/p\u003e \u003cp\u003e16.14 Prior Year Taxes, 782\u003c\/p\u003e \u003cp\u003e16.15 Pension Funding Requirements, 782\u003c\/p\u003e \u003cp\u003eTreatment of Income During Bankruptcy Period, 782\u003c\/p\u003e \u003cp\u003e16.16 Income Required to Be Reported, 782\u003c\/p\u003e \u003cp\u003e16.17 Deductions Allowed, 783\u003c\/p\u003e \u003cp\u003e16.18 Discharge of Debts, 784\u003c\/p\u003e \u003cp\u003e16.19 Debt Discharge by Farmers, 788\u003c\/p\u003e \u003cp\u003e16.20 Cancellation of Real Property Business Indebtedness, 789\u003c\/p\u003e \u003cp\u003e16.21 Basis Adjustment, 790\u003c\/p\u003e \u003cp\u003e16.22 Debt Discharge by Partnerships, 793\u003c\/p\u003e \u003cp\u003e16.23 Debt Discharge by S Corporations, 793\u003c\/p\u003e \u003cp\u003e16.24 Exchange of Stock for Debt, 793\u003c\/p\u003e \u003cp\u003e16.25 Purchase-Money Debt Reduction, 794\u003c\/p\u003e \u003cp\u003e16.26 Tax Planning, 794\u003c\/p\u003e \u003cp\u003eCorporate Reorganizations, 794\u003c\/p\u003e \u003cp\u003e16.27 Introduction, 794\u003c\/p\u003e \u003cp\u003e16.28 Tax-Free G Reorganization, 795\u003c\/p\u003e \u003cp\u003e16.29 Personal Holding Company, 797\u003c\/p\u003e \u003cp\u003eAvailability of New Operating Losses, 797\u003c\/p\u003e \u003cp\u003e16.30 Introduction, 797\u003c\/p\u003e \u003cp\u003e16.31 Section 382 Limitation, 798\u003c\/p\u003e \u003cp\u003e16.32 Special Rules for Corporations in Bankruptcy, 799\u003c\/p\u003e \u003cp\u003e16.33 Other Provisions, 800\u003c\/p\u003e \u003cp\u003eEffects on Earnings and Profits, 801\u003c\/p\u003e \u003cp\u003e16.34 Introduction, 801\u003c\/p\u003e \u003cp\u003e16.35 Account Adjustment, 801\u003c\/p\u003e \u003cp\u003e16.36 Earnings and Profits Carryover, 801\u003c\/p\u003e \u003cp\u003eAdministrative Aspects of Taxes, 802\u003c\/p\u003e \u003cp\u003e16.37 Tax Priorities, 802\u003c\/p\u003e \u003cp\u003e16.38 Tax Penalty, 809\u003c\/p\u003e \u003cp\u003e16.39 Interest, 810\u003c\/p\u003e \u003cp\u003e16.40 Erroneous Refunds or Credits, 810\u003c\/p\u003e \u003cp\u003e16.41 Chapter 11 Reorganization, 810\u003c\/p\u003e \u003cp\u003e16.42 Chapters 12 and 13 Adjustments, 811\u003c\/p\u003e \u003cp\u003e16.43 Tax Discharge, 811\u003c\/p\u003e \u003cp\u003e16.44 Tax Preferences, 813\u003c\/p\u003e \u003cp\u003e16.45 Tax Procedures, 813\u003c\/p\u003e \u003cp\u003e16.46 State and Local Tax Provisions, 814\u003c\/p\u003e \u003cp\u003eAppendix: Statement of Position 815\u003c\/p\u003e \u003cp\u003eStatutes Citations 849\u003c\/p\u003e \u003cp\u003eCase Index 855\u003c\/p\u003e \u003cp\u003eName Index 865\u003c\/p\u003e \u003cp\u003eSubject Index 867\u003c\/p\u003e \u003cp\u003e \u003c\/p\u003e\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eSubject Areas: Finance \u0026amp; accounting [\u003ca title=\"See our other books on Finance \u0026amp; accounting\" 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