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Income from the Discharge of Indebtedness: The Progeny of United States v. Kirby Lumber Co.

Boris I. Bittker and Barton H. Thompson, Jr.
California Law Review
Vol. 66, No. 6 (Dec., 1978), pp. 1159-1187
DOI: 10.2307/3479935
Stable URL: http://www.jstor.org/stable/3479935
Page Count: 29
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Income from the Discharge of Indebtedness: The Progeny of United States v. Kirby Lumber Co.
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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 rationale for that holding and shows that many of the judicial exceptions to the Kirby Lumber rule are based on erroneous interpretations of that case.

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