Florida Department of Revenue v. Piccadilly Cafeterias, Inc.

Justice Breyer, with whom Justice Stevens joins,

dissenting.

The Bankruptcy Code provides that the “transfer” of an asset “under a plan confirmed under section 1129 of this title, may not be taxed under any law imposing a stamp tax or similar tax.” 11 U. S. C. § 1146(a) (2000 ed., Supp. V) (previously § 1146(c)) (emphasis added). In this case, the debtor’s reorganization “plan” provides for the “transfer” of assets. But the “plan” itself was not “confirmed under section 1129 of this title” (i.e., the Bankruptcy Judge did not formally approve the plan) until after the “transfer” of assets took…