Bankruptcy
May 16, 2012
Family farmers sustain blow
The U.S. Supreme Court dealt family farmers in California a blow by ruling Monday that they're responsible for paying the capital gains taxes on farm assets sold after filing for Chapter 12 bankruptcy.
Daily Journal Staff Writer
WASHINGTON - The U.S. Supreme Court dealt family farmers in California a blow by ruling Monday that they're responsible for paying the capital gains taxes on farm assets sold after filing for Chapter 12 bankruptcy.
On a 5-4 vote, the justices affirmed the 9th U.S. Circuit Court of Appeals decision saying farmers can't include those taxes with other debts in bankruptcy reorganization plans. ...
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