Debt in Excess of Basis

Date
2001-07-13
Authors
Harl, Neil
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Iowa State University Digital Repository
Abstract

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.

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