For over 50 years, Bloomberg Tax’s renowned flagship daily news service, Daily Tax Report® has helped leading practitioners and policymakers stay on the cutting edge of taxation and...
Aug. 24 — Caesars Entertainment Corp. should be able to complete a tax-free spinoff of assets into a real estate investment trust as it seeks to reorganize its main operating subsidiary, the bankrupt Caesars Entertainment Operating Co., a practitioner said.
The deal will likely qualify as a reorganization under tax code Section 368(a)(1)(G), a provision that permits insolvent corporations to not recognize gain or loss in a reorganization, Robert Willens, an independent tax consultant in New York, told Bloomberg BNA Aug. 24. “As long as the transaction meets the continuity of interest requirement, which depends primarily on making sure the creditors who are junior to those who received REIT stock do not receive a lot of non-stock consideration,” he said.
Caesars has support from holders of its two most-senior slices of debt for the plan to turn the operating unit into a REIT. The subsidiary sought bankruptcy protection in January (12 DTR G-1, 1/20/15).
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to email@example.com.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to firstname.lastname@example.org.
Put me on standing order
Notify me when new releases are available (no standing order will be created)