NEW YORK — R.H. Macy & Co. and its creditors’ committees are questioning whether the $1 billion the company paid for Bullock’s and I. Magnin in 1988 left Macy’s insolvent.

The parties want more time to determine whether Macy’s should seek compensation from Federated Department Stores, from which it bought the chains.

Macy’s has filed an objection to more than $483 million of Federated’s claims in bankruptcy court here on the eve of the second anniversary of its Chapter 11 filing.

Federated became one of the retailer’s largest creditors as a result of its purchase of half of Prudential Insurance Co.’s mortgage claim against Macy’s. Before purchasing the Prudential claim, Federated already was owed over $60 million by Macy’s.

As reported, after Federated bought the claim, it said it would seek to merge with Macy’s.

Macy’s filed for Chapter 11 on Jan. 27, 1992. Under federal law, a debtor has two years to challenge any transaction that may have contributed to a bankruptcy filing.

Sources close to the case said the banks involved in the transaction agreed to waive the two-year deadline, but Federated has refused to go along.

Federated officials could not be reached Friday for comment.