GCK On Law
Section 9-109(a)(3) – Merchant Agreements
Merchant Agreements styled “merchant cash advances” or “receivables purchases” are facilities which provide debtors with immediate cash (and hence liquidity to operate) in exchange for the proceeds from future accounts receivable, which are often described as being...
Recent Changes to the IRS Independent Office of Appeals: What Does This Mean for Taxpayers?
The Internal Revenue Service (“IRS”) Independent Office of Appeals has introduced two initiatives aimed at promoting greater transparency and fairness to taxpayers: (1) a Post Appeals Mediation pilot program, and (2) taxpayer access to Appeals Case Memos. While these...
Strict Deadline Enforcement: Tax Court’s Approach to BBA Partnership Audits
Several recent tax decisions exhibit the Tax Court’s strict enforcement of procedural deadlines. This firm enforcement by the Tax Court, highlights the critical role of diligence, timeliness, and adherence to procedural rules in maintaining the integrity of the...
Section 707(b)(1) – Primarily Consumer Debts
Under Section 707(b)(1) of the Bankruptcy Code, the court “may dismiss a case filed by an individual debtor under [Chapter 7] whose debts are primarily consumer debts * * * if it finds that the granting of relief would be an abuse of the provisions of [Chapter 7].” ...
Section 105(a) – Temporary Injunctions
Section 1123(b)(6) of the Bankruptcy Code provides that a plan may “include any other appropriate provision not inconsistent with the applicable provisions of this title.” Section 1123(a)(5) states that “a plan shall provide adequate means for the plan’s...