Florida Dept. Of Revenue v. Piccadilly Cafeterias, Inc.:Supreme Court Decision Denying Stamp Tax Exemption To Pre-Confirmation Sales In Chapter 11 Cases.
Mondaq Business Briefing › Nbr. 2008, March 2008
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Florida Dept. Of Revenue v. Piccadilly Cafeterias, Inc.:Supreme Court Decision Denying Stamp Tax Exemption To Pre-Confirmation Sales In Chapter 11 Cases.
In the case of Florida Dept. of Revenue v. Piccadilly Cafeterias, Inc.,1 the United States Supreme Court ruled that the exemption from the payment of stamp taxes or similar taxes on transfers of property of a Chapter 11 debtor's estate, contained in section 1146(a) of the Bankruptcy Code,2 does not apply to transfers of property made before a Chapter 11 plan is confirmed.
Prior to Piccadilly, the Third and Fourth Circuit Courts of Appeals had both held that the section 1146 tax exemption applied to post-confirmation transfers only.3 The Eleventh Circuit, in Piccadil...See the full content of this document
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