Craft & Sheppard's Supreme Court Review
Bankruptcy
The Bankruptcy Code provides a stamp-tax exemption for any asset transfer under a plan confirmed under Chapter 11," 11 U.S.C. § 1146(a). Piccadilly was granted an exemption for assets transferred after it had filed for bankruptcy but before its Chapter 11 plan was confirmed by the Bankruptcy Court. The Florida Department of Revenue objected. In
Fla. Dep't of Revenue v. Piccadilly Cafeterias, Inc., the Court sided with Florida: § 1146(a)'s stamp-tax exemption does not apply to transfers made before a Chapter 11 plan is confirmed.
