Document Type

Article

Citation Information

Please cite to the original publication

Abstract

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

1978

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