Income Tax Consequences of Abandonment

Date
2002-03-15
Authors
Harl, Neil
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Abstract

The income tax consequences of abandonment in bankruptcy have posed significant problems for farm and ranch taxpayers for well more than a decade. With two Circuit Courts of Appeal embracing the “deflection” theory, the Eighth and Ninth Circuit Courts of Appeal decisions assured that a taxpayer filing bankruptcy is highly vulnerable to income tax liability on the property abandoned by the bankruptcy estate.

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