Court says farmers must pay bankruptcy tax
Recent Cases
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.
Related listings
-
Probation charge dropped against tanned NJ mom
Recent Cases 05/05/2012Court officials say the New Jersey mom accused of taking her then-5-year-old daughter into a tanning booth is no longer on probation in a separate case. Patricia Krentcil is free on $2,500 bond on the child endangerment charge. The arrest in Nutley g...
-
Chinese court seeking to mediate iPad dispute
Recent Cases 04/30/2012A Chinese court is mediating between Apple Inc. and the Chinese company challenging its right to use the iPad trademark, seeking to get the companies to settle an awkward standoff over the issue. The Guangdong High Court in southern China, is seeking...
-
Court: Online bookseller owes New Mexico sales tax
Recent Cases 04/20/2012A nationally known online bookseller must pay more than a half million dollars in taxes for books, music and movies bought by customers in New Mexico, the state Court of Appeals has ruled in a dispute over the state's power to tax corporate chains an...
Any contracts or any transactions can go awry at any time
We know your business means a lot to you and want to understand all the aspects of your business so that we can help you in the best ways possible. We don’t discriminate depending on the size of your company. Our mission statement is to represent all business owners and entrepreneurs by navigating them through the rough waters of business litigation and guiding them to success.
We are attorneys who want to make sure we understand your business objectives and goals before we start providing you with legal counsel individualized to your business. We know what it means to be dedicated to your business. After all, we are a business as well. And just like you, we want to provide the best service we can to our clients.
Any contracts or any transactions can go awry at any time. Sometimes, making important business decisions without legal help from business attorneys could cost you your business.We don’t want you or your business to be misconstrued by anyone. Our attorneys make sure that we communicate with you often to make sure we are giving you the legal guidance you need at all times. We make sure we are responsive in a timely-manner with every single one of our clients to help them identify risks and prevent legal battles before they arise.