Income from the Discharge of Indebtedness: The Progeny of United States v. Kirby Lumber Co. (with Barton Thompson), 66 California Law Review 1159 (1978)
The Kirby Lumber case established the general rule that the cancellation
of indebtedness by a creditor for less than the amount owed results in
income to the debtor. This Article discusses the rationalef or that holding
and shows that many of the judicial exceptions to the Kirby Lumber rule
are based on erroneous interpretations of that case.
Date of Authorship for this Version
Bittker, Boris I. and Thompson, Barton H., "Income from the Discharge of Indebtedness: The Progeny of United States v. Kirby Lumber Co." (1978). Faculty Scholarship Series. Paper 2299.