Bankruptcy Court Interpretation of Chapter 12 Tax Rules

Date
2006-12-08
Authors
Harl, Neil
Peiffer, Joseph
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Iowa State University Digital Repository
Abstract

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.

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