The Importance Of Hall V. United States

Law360, New York (May 25, 2012, 2:55 PM EDT) -- Is federal capital gains income tax liability arising from the postpetition sale of a family farm collectible and dischargeable through a Chapter 12 reorganization plan? On May 14, 2012, in a 5-4 decision published as Hall v. United States, -- S.Ct. --, (U.S. May 14, 2012), a majority of the U.S. Supreme Court held that it is not. Per the court, the plain language, context and structure of the Bankruptcy Code required this conclusion, notwithstanding potentially compelling policy reasons for treating postpetition income tax obligations as...
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