Journal Issue:
Agricultural Law Digest: Volume 17, Issue 24

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Bankruptcy Court Interpretation of Chapter 12 Tax Rules
( 2006-12-08) Harl, Neil ; Peiffer, Joseph ; Iowa State University Digital Repository

The first Bankruptcy Court interpretation1 of the provisions in the Bankruptcy Abuse Prevention and Consumer Protection Act of 20052 pertaining to the income tax treatment of asset dispositions in Chapter 12 bankruptcy cases3 has been published. The first case, involving a hog farmer from Northern Iowa who had encountered disease problems in the swine herd and a series of accidents (following a period of low hog prices), tested the income tax rules enacted in 2005 for Chapter 12 filers. Although the decision was favorable to the taxpayers on some issues, the opinion did not go as far as the taxpayer had hoped. Counsel for the taxpayer indicates that an appeal is likely and legislative clarification of the key issues has not been ruled out.

Index to Volume 17, Nos. 1-24
( 2006-12-08) Iowa State University Digital Repository
Cases, Regulations, and Statutes
( 2006-12-08) Achenbach, Robert ; Iowa State University Digital Repository