Lawinger v. Comm'r
United States Tax Court
P and her husband operated a beef farm in Wisconsin until the husband's death in 1986. At that time, P liquidated the beef farming operation, selling the livestock and farm machinery. P retained the farmland and leased it to a farmer under a cash rent agreement. P also received Wisconsin Farmland Preservation Act credits for ensuring that her farmland was used for agricultural purposes.
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P and her husband operated a beef farm in Wisconsin until the husband's death in 1986. At that time, P liquidated the beef farming operation, selling the livestock and farm machinery. P retained the farmland and leased it to a farmer under a cash rent agreement. P also received Wisconsin Farmland Preservation Act credits for ensuring that her farmland was used for agricultural purposes. In 1989, P applied for and was granted a restructuring of her debt with the Farmers Home Administration (the FmHA). A principal amount of $ 242,453 was canceled in exchange for a new note for $ 42,752.…
1Opinion of the Court
Parker, Judge:
Respondent determined a deficiency in petitioner’s Federal income tax for the year 1989 in the amount of $57,191. Respondent also determined an accuracy-related penalty under section 6662(a) in the amount of $11,438.
Unless otherwise indicated, all section references are to the Internal Revenue Code in effect for the taxable year before the Court, and all Rule references are to the Tax Court Rules of Practice and Procedure.
After concessions,1 the issues remaining for decision are:(1) Whether petitioner’s discharge of indebtedness income is excludable from gross income under…
2Cases cited13 opinions
- Roberts v. CommissionerUnited States Tax Court · 1974
- Wilkinson v. CommissionerUnited States Tax Court · 1979
- Schirmer v. CommissionerUnited States Tax Court · 1987
- Borchers v. CommissionerUnited States Tax Court · 1990
- Richard J. Borchers Jane E. Borchers v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1991
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3Cited by30 opinions
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- Electrolux Holdings, Inc. v. United StatesCourt of Appeals for the Federal Circuit · 2007
- Sang J. Park v. CommissionerUnited States Tax Court · 2011
- Bobrow v. Comm'rUnited States Tax Court · 2014
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