Working the Tax Aspects in Debt Workouts

Richard Fung, Principal, and Zane Tominna, Senior Managing Director, of the Transaction Tax group at Ernst & Young LLP will discuss the tax issues that should be considered in debt restructuring transactions, focusing on corporate taxpayers. Specific topics will include determination of cancelation of debt income, availability of exclusion exceptions, and reduction of tax attributes. Special rules that apply to consolidated return groups will also be addressed.