Summary
A divided Ninth Circuit affirmed the Tax Court's decision, finding that a contingent obligation to pay is not a liability for insolvency purposes under the Tax Code (IRC sec. 108). The taxpayer excluded an amount of discharge of indebtedness income receiv ...
Dudley B. Merkel, et al. v. CIR
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See Also
Addressing Contingent Liabilities in Insolvency Situations Under the Tax Code
A divided 9th Circuit affirmed the Tax Court's decision, finding that a contingent obligation to pay is not a liability for insolvency purposes under the Tax Code (IRC sec. 108).