11 U.S.C. § 1231 — Special tax provisions

submitted 40 years ago by Pub. L. 99-554 to r/title-11-BANKRUPTCY · 141 words · no verdicts yet

in plain englishAI-generated · not legal advice

Transfers or exchanges of securities and related instruments under a confirmed plan are exempt from stamp and similar taxes. The court may allow a plan proponent to ask a tax-collecting governmental unit for a legal determination of the plan’s tax effects.

(a) Issuing, transferring, or exchanging a security, or making or delivering a transfer instrument, under a plan confirmed under section 1225 of this title may not be taxed under a stamp-tax or similar-tax law. (b) The court may authorize the plan proponent to ask a governmental unit responsible for collecting or determining an income tax for a determination limited to legal questions about the plan’s tax effects under section 346 of this title and the tax law. If there is an actual controversy, the court may declare those effects after whichever happens first: (1) the governmental unit responds; or (2) 270 days pass after the request.

the actual law source: uscode.house.gov ↗public domain

(a)

The issuance, transfer, or exchange of a security, or the making or delivery of an instrument of transfer under a plan confirmed under section 1225 of this title, may not be taxed under any law imposing a stamp tax or similar tax.

(b)

The court may authorize the proponent of a plan to request a determination, limited to questions of law, by any governmental unit charged with responsibility for collection or determination of a tax on or measured by income, of the tax effects, under section 346 of this title and under the law imposing such tax, of the plan. In the event of an actual controversy, the court may declare such effects after the earlier of—

(1)

the date on which such governmental unit responds to the request under this subsection; or

(2)

270 days after such request.

Source credit: (Added and amended Pub. L. 99–554, title II, § 255, title III, § 302(f), Oct. 27, 1986, 100 Stat. 3113, 3124; Pub. L. 103–65, § 1, Aug. 6, 1993, 107 Stat. 311; Pub. L. 105–277, div. C, title I, § 149(a), Oct. 21, 1998, 112 Stat. 2681–610; Pub. L. 106–5, § 1(1), (2), Mar. 30, 1999, 113 Stat. 9; Pub. L. 106–70, § 1, Oct. 9, 1999, 113 Stat. 1031; Pub. L. 107–8, § 1, May 11, 2001, 115 Stat. 10; Pub. L. 107–17, § 1, June 26, 2001, 115 Stat. 151; Pub. L. 107–170, § 1, May 7, 2002, 116 Stat. 133; Pub. L. 107–171, title X, § 10814(a), May 13, 2002, 116 Stat. 532; Pub. L. 107–377, § 2(a), Dec. 19, 2002, 116 Stat. 3115; Pub. L. 108–73, § 2(a), Aug. 15, 2003, 117 Stat. 891; Pub. L. 108–369, § 2(a), Oct. 25, 2004, 118 Stat. 1749; Pub. L. 109–8, title VII, § 719(b)(4), title X, §§ 1001(a)(1), (c), 1003(b), Apr. 20, 2005, 119 Stat. 133, 185, 186.)

history & why it existsrecord from the source credit

1986Enacted · Pub. L. 99-554 · 100 Stat. 3113, 3124
1993Amended · Pub. L. 103-65 · 107 Stat. 311
1998Amended · Pub. L. 105-277 · 112 Stat. 2681
1999Amended · Pub. L. 106-5 · 113 Stat. 9
1999Amended · Pub. L. 106-70 · 113 Stat. 1031
2001Amended · Pub. L. 107-8 · 115 Stat. 10
2001Amended · Pub. L. 107-17 · 115 Stat. 151
2002Amended · Pub. L. 107-170 · 116 Stat. 133
2002Amended · Pub. L. 107-171 · 116 Stat. 532
2002Amended · Pub. L. 107-377 · 116 Stat. 3115
2003Amended · Pub. L. 108-73 · 117 Stat. 891
2004Amended · Pub. L. 108-369 · 118 Stat. 1749
2005Amended · Pub. L. 109-8 · 119 Stat. 133, 185, 186

A history note hasn’t been published yet. The record shows enactment by Pub. L. 99-554 on 1986-10-27.

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