Title
913--TALLON 801-810
By
PageMaker 6.5
Description
NOTES 801 Tax Lawyer, Vol. 53, No. 3 NOTE GAIN-TRIGGERING ABANDONMENT OF LEASEHOLD SUBJECT TO NONRECOURSE DEBT OCCURRED UPON AGREEMENT TRANSFERRING SUBSTANTIVE OWNERSHIP: L & C SPRINGS ASSOCIATES V. COMMISSIONER In L & C Springs Associates v. Commissioner,1 the Seventh Circuit held that, for purposes of triggering gain through debt cancellation, abandonment of properrt occurred when the taxpayer lessee was effectively relieved of its nonrecouurs debt obligation and its leasehold interest in the...

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