The tax implications of bankruptcy and insolvency affect three basic groups: the debtor, the creditor(s), and the bankruptcy estate's trustee. Each must comply with state and federal tax law and the Bankruptcy Code, all of which are complex and difficult to understand. This book is the definitive text on bankruptcy taxation, for tax accountants and attorneys. It will also provide answers to the questions financial managers will have on the tax aspects of bankruptcy strategy. This 5th edition reflects updates to regulations over the past 5 years, making it the most up-to-date text of its kind.