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Discharge of Nonrecourse Liability Versus Discharge of Third Party Indebtedness: Friedland v. Commissioner

In Friedland v. Commissioner, the Tax Court held that the amount realized on a sale or disposition of property under section 1001(b) does not include the value of any indebtedness discharged on behalf of a third party. The taxpayer transferred appreciated stock to a bank...

Ashton Valente

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