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New BNA Tax Portfolio Examines Effect of Corporate Distributions of Boot to Shareholders and Creditors

NEWS RELEASE

Contacts:
Mark Carrington
(202) 530-1728

Washington, DC (March 13, 2007) – BNA®, publisher of the authoritative and universally recognized Tax Management Portfolios, has released the latest addition to the U.S. Income series. Portfolio 782-3rd Boot Distributions and Assumption of Liabilities explores tax problems related to boot distributions made by a company to shareholders and creditors. Boot is money or property received pursuant to a corporate organization, reorganization or separation, other than the stock and securities permitted to be received under various Internal Revenue Code Sections without the recognition of gain or loss.

Prepared by George C. Koutouras and Mark Q. Tizabgar, the Portfolio examines the statutory development of the rules pertaining to boot, as well as the effect of IRS rulings and court decisions. It also analyzes in detail, among other issues: (1) the nature of boot, (2) the types of boot other than money, and (3) the extent to which the assumption of liabilities constitutes boot.

George C. Koutouras is a Director with the Chicago office of PricewaterhouseCoopers practicing in the area taxation of mergers and acquisitions and is an adjunct professor at the University of Illinois Urbana-Champaign Master of Science in Accounting Program.  Mr. Koutouras is the coauthor of 767 T.M., Redemptions and 564 T.M., Related Party Transactions and a former Attorney/Advisor to Special Trial Judge Stanley J. Goldberg of the United States Tax Court.  Mr. Koutouras earned a B.S.A. from the University of Michigan; a J.D. from the University of Detroit School of Law; and an LL.M. (Taxation) from the Georgetown University Law Center. He is a member of the Michigan and Illinois bars.  

Mark Q. Tizabgar is a Director with the Los Angeles office of PricewaterhouseCoopers practicing in the area taxation of mergers and acquisitions and is an adjunct professor at the Golden Gate University Master of Tax Program.  Mr. Tizabgar, the coauthor of 564 T.M., Related Party Transactions, earned a B.S. from California State University, Northridge; a J.D. (cum laude) from Southwestern University School of Law; and an L.L.M. (Taxation) from the New York University School of Law. He is a member of the California state bar.

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BNA is the foremost publisher of print and electronic news, analysis, and reference products, including the recently launched Accounting Policy & Practice Series.  It provides intensive coverage of legal and regulatory developments for professionals in business and government. BNA is the oldest wholly employee-owned company in the United States, and produces more than 200 news and information services — including Daily Labor Report and Daily Tax Report — widely respected for comprehensive and objective reporting and analysis.

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