A method for estimating a property of an earth formation (106a, 106b) penetrated by a borehole (102, 202), the method comprising: conveying a carrier (104, 204, 404, 1000) through a borehole (102, 202), the carrier (104, 204, 404) having a transmitter (222, 422), a first receiver (224, 324, 424a, 424b), and a second receiver (224, 324, 424a, 424b) disposed thereon, the first receiver (224, 324, 424a, 424b) being positioned at a first distance (d 1) from the transmitter (222, 422) and the second receiver (224, 324, 424a, 424b) being positioned at a second distance (d 2) from the transmitter (222, 422); generating, while downhole, using the transmitter (222, 422), a transient electromagnetic field; receiving a first measured signal at the first receiver (224, 324, 424a, 424b); receiving a second measured signal at the second receiver (224, 324, 424a, 424b); obtaining a total signal from the first measured signal and the second measured signal, wherein the total signal includes a formation signal and a pipe signal; determining a bucking coefficient k; performing a bucking calculation employing the bucking coefficient k, the first measured signal, and the second measured signal to extract the pipe signal, wherein the bucking calculation comprises V 1 - kV 2 = M [ F 1 ( t) - kF 2 ( t)] + MP * [ F 1 ( t) - kF 2 ( t)], wherein V 1 is a voltage at the first receiver (224, 324, 424a, 424b), V 2 is a voltage at the second receiver (224, 324, 424a, 424b), Mis a transmitter (222, 422)-receiver (224, 324, 424a, 424b) moment product, P is the pipe signal, and F 1 and F 2 are the responses to the formation at the first receiver (224, 324, 424a, 424b) and the second receiver (224, 324, 424a, 424b), respectively, and extracting the pipe signal using V 2 - V 1 = M [ F 2 ( t) - F 1 ( t)] + MP * F 2 t − F 1 t = MP μ 0 2 πd 1 3 1 k − 1; suppressing the pipe signal from the total signal to obtain the formation signal; estimating a formation property from the formation signal to select a model of the formation; and adjusting a drilling operation based on the estimated property of the formation. conveying a carrier (104, 204, 404, 1000) through a borehole (102, 202), the carrier (104, 204, 404) having a transmitter (222, 422), a first receiver (224, 324, 424a, 424b), and a second receiver (224, 324, 424a, 424b) disposed thereon, the first receiver (224, 324, 424a, 424b) being positioned at a first distance (d 1) from the transmitter (222, 422) and the second receiver (224, 324, 424a, 424b) being positioned at a second distance (d 2) from the transmitter (222, 422); generating, while downhole, using the transmitter (222, 422), a transient electromagnetic field; receiving a first measured signal at the first receiver (224, 324, 424a, 424b); receiving a second measured signal at the second receiver (224, 324, 424a, 424b); obtaining a total signal from the first measured signal and the second measured signal, wherein the total signal includes a formation signal and a pipe signal; determining a bucking coefficient k; performing a bucking calculation employing the bucking coefficient k, the first measured signal, and the second measured signal to extract the pipe signal, wherein the bucking calculation comprises V 1 - kV 2 = M [ F 1 ( t) - kF 2 ( t)] + MP * [ F 1 ( t) - kF 2 ( t)], wherein V 1 is a voltage at the first receiver (224, 324, 424a, 424b), V 2 is a voltage at the second receiver (224, 324, 424a, 424b), Mis a transmitter (222, 422)-receiver (224, 324, 424a, 424b) moment product, P is the pipe signal, and F 1 and F 2 are the responses to the formation at the first receiver (224, 324, 424a, 424b) and the second receiver (224, 324, 424a, 424b), respectively, and extracting the pipe signal using V 2 - V 1 = M [ F 2 ( t) - F 1 ( t)] + MP * F 2 t − F 1 t = MP μ 0 2 πd 1 3 1 k − 1; suppressing the pipe signal from the total signal to obtain the formation signal; estimating a formation property from the formation signal to select a model of the formation; and adjusting a drilling operation based on the estimated property of the formation.