A recent inquiry by a tax practitioner on the proper reporting of a turnover of a farm tractor to the creditor focused attention on an area in which there is confusion by both taxpayers and tax practitioners. Real property rates a special procedure in the event of repossession following an installment sale; personal property repossessions are governed by the general rules for repossessions, not those for real property. However, the turn over of property to the creditor is the same for both types of property.



To view the content in your browser, please download Adobe Reader or, alternately,
you may Download the file to your hard drive.

NOTE: The latest versions of Adobe Reader do not support viewing PDF files within Firefox on Mac OS and if you are using a modern (Intel) Mac, there is no official plugin for viewing PDF files within the browser window.