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ARTICLE · 26 JUNE 2008

Supreme Court Docket Report - June 16, 2008

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Today the Supreme Court issued a decision, described below, of interest to the business community.

United StatesLitigation, Mediation & Arbitration
David Gossett
David Gossett
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Originally published June 16, 2008

Keywords: business community, Supreme Court, stamp-tax exemption, Chapter 11 reorganization, Bankruptcy Code

Today the Supreme Court issued a decision, described below, of interest to the business community.

Florida Department of Revenue v. Piccadilly Cafeterias, Inc. No. 07-312, (previously discussed in the December 7, 2007 Docket Alert).

The Supreme Court today held that the stamp-tax exemption in Section 1146(a) of the Bankruptcy Code applies only to asset transfers made after a taxpayer's Chapter 11 reorganization plan has been confirmed by a Bankruptcy Court. The decision allows states to impose stamp taxes on all preconfirmation asset sales, including those deemed necessary to a subsequently confirmed plan of reorganization.

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