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WASHINGTON (AP) - The Supreme Court says a farming family has to pay tax on the bankruptcy sale of their farm. The high court on Monday voted 5-4 for the IRS in its fight with Lynwood and Brenda Hall over their bankruptcy sale of their 320-acre farm in ...

May 14 (Reuters) - LightSquared Inc, the startup telecommunications company bankrolled by hedge fund manager Philip Falcone, is expected to file for bankruptcy protection in the next hours, sources familiar with the matter said. Falcone has ...

Ally still owes the government about $12 billion, counting dividend payments by the lender and sale of some securities by the Treasury. The bankruptcy filing comes as pressure increases on Ally to repay that money and problems at ResCap become increasingly unmanageable.

LightSquared, the debt-laden startup that has tried to develop a fourth-generation LTE wireless network, reportedly is close to a bankruptcy filing. The company has until 5 p.m. ET Monday to come to an agreement with creditors, reports the Wall Street Journal.

A "discharged" debt is not collectible under the code. The ruling came in the case of Arizona farmers Lynwood and Brenda Hall, who petitioned for bankruptcy under Chapter 12 and sold their farm shortly thereafter. The Halls initially proposed a ...