- 11 U.S.C.
Kapila v. United States (In re Taylor)
Apr
10
2008
Ruling
Irrevocable waiver of prepetition net operating loss carryback was a constructively fraudulent transfer.
Procedural posture
Plaintiff chapter 7 trustee filed a Fed. R. Civ. P. 56 motion for summary judgment and defendant United States Government filed a cross motion for summary judgment on an adversary proceeding to avoid and recover the debtor's election of an irrevocable waiver of a prepetition net operating loss (NOL) carryback under the Internal Revenue Code as a constructively fraudulent transfer, pursuant to 11 U.S.C.S. §§ 548 and 550.
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Court
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