'Lessinger' and 'Seggerman Farms' Case Study by writingsensation

'Lessinger' and 'Seggerman Farms'
Compares two corporate taxation cases and the resulting legislation.
# 68774 | 2,355 words | 10 sources | APA | 2006 | US
Published on Sep 10, 2006 in Accounting (Tax) , Business (Law) , Economics (Taxation) , Law (Historic Trials)


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Description:

This paper examines two corporate taxation cases to draw similarities and differences and analyze the resulting rules of law. First, 'Seggerman Farms' is closely examined for its impact, and then, reversing the process of time, an earlier case that it relied on - 'Lessinger '- is examined next. This paper demonstrates which case is more supportable and will endure into the future of taxation.

From the Paper:

"Liability assumptions can also result in gain recognition or other tax consequences when property is transferred to or from a corporate entity or partnership. For instance, when a taxpayer transfers property to a controlled corporation in exchange for stock, the taxpayer is required to recognize gain under section 357(c) if the corporation "assumes" liabilities of the taxpayer in excess of the tax basis of the transferred property."

Cite this Case Study:

APA Format

'Lessinger' and 'Seggerman Farms' (2006, September 10) Retrieved June 15, 2019, from https://www.academon.com/case-study/lessinger-and-seggerman-farms-68774/

MLA Format

"'Lessinger' and 'Seggerman Farms'" 10 September 2006. Web. 15 June. 2019. <https://www.academon.com/case-study/lessinger-and-seggerman-farms-68774/>

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