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Tax Law

Divided U.S. Supreme Court: Debtors' Farm Sale Tax Liability Not Dischargeable

WASHINGTON, D.C. - A divided U.S. Supreme Court on May 14 ruled 5-4 that the federal income tax liability that resulted from a debtor's post-petition farm sale is not "incurred by the estate" for the purposes of 11 U.S.C.S. § 503 (b more