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Florida Department of Revenue v. Piccadilly Cafeterias, Inc.

Docket No.: 07-312
Certiorari Granted: Dec 7 2007
Argued: March 26, 2008
Decided: March De, 2008

PartyNames: Florida Department of Revenue v. Piccadilly Cafeterias, Inc.
Petitioner: Florida Department of Revenue
Respondent: Piccadilly Cafeterias, Inc.

Court Below: United States Court of Appeals for the Eleventh Circuit

Florida Department of Revenue
v.
Piccadilly Cafeterias, Inc.
554 U.S. ____ (2008)
Question Presented:

Whether section 1146(a) of the Bankruptcy Code, which exempts from stamp or similar taxes any asset transfer "under a plan confirmed under section 1129 of the Code," applies to transfers of assets occurring prior to the actual confirmation of such a plan?

Question:

Does 11 U.S.C. Section 1146(c), a provision of the Bankruptcy Code stating that certain asset transfers "under a [confirmed Chapter 11] plan may not be taxed under any law imposing a stamp tax or similar tax," prohibit states from imposing taxes on pre-confirmation asset sales that are essential to the completion of a reorganization plan?

Holding: judgment reversed and remanded
Vote: 7-2
Opinion By:
Read FLORIDA DEPARTMENT OF REVENUE V. PICCADILLY CAFETERIAS, INC. opinion (PDF)
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