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Tax treatment of debt forgiveness – Watch out for tax bills delivered “COD”

$225.00

SKU: TXInd111. Category: .

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Abstract: For many debtors receiving financial help, the initial feeling of relief is quickly replaced by surprise and confusion when they discover they owe taxes on cancellation-of-debt (COD) income. This article explains what qualifies as COD income, and what debts qualify as exceptions or exclusions. A sidebar explains how some COD income can be excluded under the Mortgage Forgiveness Debt Relief Act of 2007.

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