Indebtedness in Excess of Basis

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1990-10-12
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The financial trauma of the 1980s has left a legacy rarely seen in the years since the Great Depression of the 1930s — indebtedness in excess of basis on farm property. While this state may be of only modest concern so long as the property is not sold or exchanged, any event requiring a realization of the gain, poses potentially serious additional income tax liability for the taxpayer.

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