Bankruptcy Filing After Special Use Valuation Election

Date
2011-05-27
Authors
Harl, Neil
Peiffer, Joseph
Journal Title
Journal ISSN
Volume Title
Publisher
Source URI
Altmetrics
Authors
Research Projects
Organizational Units
Journal Issue
Series
Abstract

Rarely is bankruptcy filing contemplated when a special use valuation election of farmland is filed.1 However, financial adversity can overtake a qualified heir or heirs who are responsible for paying the recapture tax either because of reduced farm or ranch income from production or a major catastrophe which results in a filing in bankruptcy.2 Several possible issues may arise, including the effect of bankruptcy on personal liability for the tax benefits from the special use valuation filing.3

Description
Keywords
Citation
Collections