§1221. Filing of plan
Primary source
Verbatim text below is from the United States Code (GovInfo), a public-domain U.S. government work.
Full Text
§1221. Filing of plan
The debtor shall file a plan not later than 90 days after the order for relief under this chapter, except that the court may extend such period if the need for an extension is attributable to circumstances for which the debtor should not justly be held accountable.
Editorial Notes
Codification
For repeal of section effective Oct. 1, 1998, and subsequent reenactment of section, see note set out preceding section 1201 of this title.
Amendments
1993—Pub. L. 103–65 substituted "the need for an extension is attributable to circumstances for which the debtor should not justly be held accountable" for "an extension is substantially justified".
Statutory Notes and Related Subsidiaries
Effective Date of 1993 Amendment
Pub. L. 103–65, §3, Aug. 6, 1993, 107 Stat. 311, provided that:
"(a)
"(b)
Effective Dates
Permanent reenactment of section effective July 1, 2005, see section 1001(a)(2) of Pub. L. 109–8, set out as a Repeal, Reenactment, and Termination of Chapter note under section 1201 of this title. For effective dates of section and amendments extending periods for which section was reenacted prior to permanent reenactment, see Effective Date and Effective Date of 1999, 2001, 2002, 2003, and 2004 Amendment notes set out under section 1201 of this title.
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What are section 1221 assets?+
26 U.S.C. 1221 – Capital Asset Defined Supplies generally consumed by the taxpayer in the ordinary course of business. Capital assets (those assets described in I.R.C. 1221) generally include “nonbusiness” property — stocks, bonds, homes, cars, jewelry, and boats — owned and used for personal or investment purposes.
Sourced from I.R.C. Section 1221 and 1231 Assets Excluded from "Gross Receipts"
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1221: A creditor of an obligation may, having given notice to perform, seek performance in kind unless performance is impossible or if there is a manifest disproportion between its cost to the debtor and its interest for the creditor. Art.
Sourced from French Law | Edward Elgar Publishing
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Section 1221 - Definition of a Capital Asset. Historically a distinction has been made between the taxation of capital gains and ordinary income. The taxation of capital gains has been given preferential treatment.
Sourced from Section 1221 - Definition of a Capital Asset - National Timber Tax
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