Addressing Contingent Liabilities in Insolvency Situations Under the Tax Code

Business Valuation Update BVLaw
Legal and Court Case Update
September 17, 1999

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federal taxation
Dudley B. Merkel, et al. v. CIR
No. 98-70420 (9th Cir. 1999)
US
Federal Court
9th Circuit
United States Court of Appeals
Wardlaw

Summary

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).

See Also

Dudley B. Merkel, et al. v. CIR

Full Text of Court Cases
September 17, 1999

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 ...