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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