Journal Issue:
Agricultural Law Digest: Volume 13, Issue 6
Agricultural Law Digest: Volume 13, Issue 6
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Income Tax Consequences of Abandonment
(
2002-03-15)
The income tax consequences of abandonment in bankruptcy have posed significant problems for farm and ranch taxpayers for well more than a decade. With two Circuit Courts of Appeal embracing the “deflection” theory, the Eighth and Ninth Circuit Courts of Appeal decisions assured that a taxpayer filing bankruptcy is highly vulnerable to income tax liability on the property abandoned by the bankruptcy estate.
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Cases, Regulations, and Statutes
(
2002-03-15)