HARLINGTON WOOD, Jr., Circuit Judge.
The issue presented is whether under the circumstances of this case the transfer of assets and the contemporaneous assumption of the transferor's liability by the transferee is taxable to the transferor when the liability assumed by the transferee exceeds the adjusted basis in the assets transferred. We hold that, in this case, the transferor realized taxable income to the extent the liability assumed by the transferee exceeds...
Let's get started
Welcome to the leading source of independent legal reporting
Sign on now to see your case.
Or view more than 10 million decisions and orders.
- Updated daily.
- Uncompromising quality.
- Complete, Accurate, Current.
