The Federal Receivership Fairness Act amends the Internal Revenue Code to allow courts overseeing receiverships to determine federal tax liabilities, fines, and penalties. This authority extends to receiverships in federal, state, or District of Columbia courts, covering taxes whether previously assessed, paid, or contested. However, this court authority has specific exceptions, such as when a tax matter was already adjudicated before the receivership began or for certain property taxes. The bill outlines a process for a receiver to request a determination of unpaid tax liability by submitting a tax return and a formal request. This process can lead to the discharge of the estate and receiver from tax liability if the appropriate governmental unit does not respond or complete an examination within specified timeframes, or upon payment of the determined tax. Crucially, the Act includes provisions for the abrogation of sovereign immunity for governmental units concerning these tax determinations, allowing courts to issue orders and judgments. If a governmental unit asserts a claim in a receivership case, it is deemed to have waived sovereign immunity for related counterclaims from the estate. Furthermore, if a governmental unit objects to state court jurisdiction over a tax determination, the matter can be transferred to a U.S. District Court. The bill also defines key terms and makes conforming amendments to other federal statutes. These amendments clarify that certain federal priority statutes for government claims do not apply to receivers exercising rights under this new section, thereby streamlining tax resolution and providing greater certainty in receivership cases.