A method for estimating a property of an earth formation penetrated by a borehole , the method comprising: conveying a carrier through a borehole , the carrier having a transmitter , a first receiver , and a second receiver disposed thereon, the first receiver being positioned at a first distance (d 1 ) from the transmitter and the second receiver being positioned at a second distance (d 2 ) from the transmitter ; generating, while downhole, using the transmitter , a transient electromagnetic field; receiving a first measured signal at the first receiver ; receiving a second measured signal at the second receiver ; 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 , V 2 is a voltage at the second receiver , Mis a transmitter -receiver moment product, P is the pipe signal, and F 1 and F 2 are the responses to the formation at the first receiver and the second receiver , 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 through a borehole , the carrier having a transmitter , a first receiver , and a second receiver disposed thereon, the first receiver being positioned at a first distance (d 1 ) from the transmitter and the second receiver being positioned at a second distance (d 2 ) from the transmitter ; generating, while downhole, using the transmitter , a transient electromagnetic field; receiving a first measured signal at the first receiver ; receiving a second measured signal at the second receiver ; 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 , V 2 is a voltage at the second receiver , Mis a transmitter -receiver moment product, P is the pipe signal, and F 1 and F 2 are the responses to the formation at the first receiver and the second receiver , 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 . <EOS>