Daily Bar News

Todays Date: Click here to add this website to your favorites
  rss
Bar News Search >>>
law firm web design
Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
D.C.
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Mass.
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
N.Carolina
N.Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
S.Carolina
S.Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
W.Virginia
Wisconsin
Wyoming
Court says farmers must pay bankruptcy tax

•  Recent Cases     updated  2012/05/14 09:47


The Supreme Court says a farming family has to pay tax on the bankruptcy sale of their farm.

The high court on Monday voted 5-4 for the IRS in its fight with Lynwood and Brenda Hall over their bankruptcy sale of their 320-acre farm in Willcox, Ariz.

The Halls were forced to sell their family farm for $960,000 to settle their bankruptcy debts. That sale brought about capital gains taxes of $26,000.The Halls wanted the taxes treated as part of the bankruptcy, paying part of it and having the court discharge the rest.

The IRS objected to that plan, saying all of the taxes must be paid and the 9th U.S. Circuit Court of Appeals in San Francisco agreed with the tax agency.

The high court agreed with that decision.

ⓒ Daily Bar News - All Rights Reserved.

The content contained on the web site has been prepared by Daily Bar News
as a service to the internet community and is not intended to constitute legal advice or
a substitute for consultation with a licensed legal professional in a particular case or circumstance.

Law Firm Website Design by Lawyer Website Design That Works