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INTRODUCTION
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 ("Act") substantially changed the statutory framework for consumer bankruptcies. In addition, there were changes that affected business bankruptcies as well as substantive and procedural tax changes. These materials will address the changes that affected state, local and federal taxes and taxing authorities. Most of the tax changes are contained in Sections 701 to 720 of the Act. Each section in the Bankruptcy Code that was modified will be addressed separately.
Section 342(f)
A new Section 342(f)(1) was added as follows
