Capital Gains Proposal
Todd Neeley DTN Staff Reporter
Tue Jan 20, 2015 12:00 PM CST

OMAHA (DTN) -- Farmers filing for Chapter 12 bankruptcy reorganization would no longer have to worry about paying taxes on capital gains coming from post-bankruptcy sales under legislation to be introduced by Sens. Charles Grassley, R-Iowa, and Al Franken, D-Minn.

Grassley told agriculture reporters Tuesday the bill is needed after a U.S. Supreme Court ruling in 2012 exposed farmers further to the IRS.

"We had a farm crisis in the 1980s and Chapter 12 was renewed," he said. "It allowed family farms to reorganize their operations. It's proved successful to help bankers and farmers work it out. I wrote Chapter ...

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