U.S. Supreme Court justices turned their attention this term to a long-standing federal common law rule—the Bob Richards rule—that courts have used to determine who gets a tax refund in cases involving a parent company’s bankruptcy.

Bloomberg Tax legal reporter Aysha Bagchi sits down with host Siri Bulusu to describe the controversy and walk through the lively Dec. 3 oral arguments in the case, Rodriguez v. FDIC.