Katrina Emergency Tax Relief Act Amendments and Bankruptcy Leniency Fail to Provide Relief Where Partnership Debts are Repaid With Insurance Proceeds or Discharged in Bankruptcy

@inproceedings{Kalinka2007KatrinaET,
  title={Katrina Emergency Tax Relief Act Amendments and Bankruptcy Leniency Fail to Provide Relief Where Partnership Debts are Repaid With Insurance Proceeds or Discharged in Bankruptcy},
  author={Susan Kalinka},
  year={2007}
}
The Hurricane Katrina Emergency Tax Relief Act of 2005 (the "Katrina Tax Act") includes a number of provisions designed to reduce the tax liability of victims of the hurricane that devastated New Orleans and other areas of the Gulf Coast. Section 405 of the Katrina Act extends the period of time taxpayers may have to replace involuntarily converted that was damaged or destroyed as a result of Hurricane Katrina property under Code Sec. 1033 without recognizing gain. In the wake of Hurricanes… CONTINUE READING