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