Cancellation of Installment Obligations Harl, Neil Harl, Neil
dc.contributor.department Iowa State University Digital Repository 2018-02-18T00:07:24.000 2020-06-29T22:55:29Z 2020-06-29T22:55:29Z 2016-10-24 1991
dc.description.abstract <p>One of the most surprising — and far reaching — provisions in the Installment Sales Revision Act of 1980 was the section dealing with the cancellation or forgiveness of principal amounts by the seller. Before enactment of that legislation, it was generally believed by taxpayers and many tax practitioners that cancellation or forgiveness of principal did not result in negative income tax consequences to the seller forgiving or cancelling payments. Indeed, it had been reported that at least two District Directors of Internal Revenue had taken that position in writing.</p> <p>The 1980 legislative provision was clearly aimed at sellers (usually parents or close relatives to the buyers) who cancel or forgive principal by gift with an objective of transferring wealth to a later generation.</p>
dc.identifier archive/
dc.identifier.articleid 1063
dc.identifier.contextkey 9301414
dc.identifier.s3bucket isulib-bepress-aws-west
dc.identifier.submissionpath aglawdigest/vol2/iss1/1
dc.source.bitstream archive/|||Fri Jan 14 17:35:49 UTC 2022
dc.subject.disciplines Agricultural and Resource Economics
dc.subject.disciplines Agricultural Economics
dc.subject.disciplines Agriculture Law
dc.subject.disciplines Public Economics
dc.title Cancellation of Installment Obligations
dc.type article
dc.type.genre article
dspace.entity.type Publication
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