Journal Issue:
Agricultural Law Digest: Volume 12, Issue 14
Agricultural Law Digest: Volume 12, Issue 14
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Cases, Regulations, and Statutes
(
2001-07-13)
Publication
Debt in Excess of Basis
(
2001-07-13)
One of the important objectives in the incorporation of a farm or ranch business is to accomplish a tax-free exchange of assets to the new entity. With a low income tax basis for many of the assets in most farm and ranch businesses, the consequences of a taxable exchange can be very serious in terms of income tax liability on the gain involved.