The economic downturn in the past couple of years coupled with low commodity prices for milk, hogs and a few other commodities has focused attention on appropriate strategies if the decision is made to file bankruptcy.1 Among those strategies, and one of the most important, is the decision to elect to close an individual debtor’s tax year if the filing is under Chapter 7 liquidation or Chapter 11 reorganization.2 The election opportunity does not apply to those filing under other chapters of the Bankruptcy Code (Chapters 9, 12 or13) nor does it apply to partnerships, corporations and other types of entities as debtors regardless of the chapter under which the filing occurs.3



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.