Posted by rrlund on March 05, 2009 at 07:13:43 from (216.46.211.61):
I was laying awake last night thinking about all of the repo and forclosure auctions that I went to in the 80s during the "farm crisis" and thought of something I hadn't thought about before.
If a bank,of farm credit service has a blanket on all of your equipment and reposeses it,then sells it at auction,are you liable for capital gains taxes on the sale of that equipment? At first glance,I'd say no. It wasn't your stuff when they sold it. But on the other hand,you were effectivly using that equipment to pay toward a loan that you were liable for,the same as if it was cash. The value just wasn't determined until it was sold. So,how about it? Would it be taxable or would it be the equivilent of giving it away?
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Today's Featured Article - Show Coverage: Journey to Ankeny - by Cindy Ladage. We left Illinois on the first day of July and headed north and west for Ankeny, Iowa. Minus two kids, we traveled light with only the youngest in tow. As long as a pool was at the end of our destination she was easy to please unlike the other two who have a multitude of requirements to travel with mom and dad. Amana Colonies served as a respite where we ate a family style lunch that sustained us with more food than could reasonably fit into our ample physiques. The show at Ankeny
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