Clarification of debt relief after the RRA. (Revenue Reconciliation Act of 1993): An article from: The Tax Adviser

This digital document is an article from The Tax Adviser, published by American Institute of CPA's on October 1, 1994. The length of the article is 1291 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the supplier: Debt relief is generally includible in income, but a number of exceptions exist which can relieve the potentially burdensome impact of such income. Under IRC section 108, qualified real property business indebtedness income is not recognized but is used to reduce the taxpayer's basis in the property. Insolvency and bankruptcy may also provide relief from income inclusion if the indebtedness meets certain requirements. Foreclosure of nonrecourse debt is generally not eligible for any exceptions.

Citation Details
Title: Clarification of debt relief after the RRA. (Revenue Reconciliation Act of 1993)
Author: David P. Dillwood
Publication:The Tax Adviser (Magazine/Journal)
Date: October 1, 1994
Publisher: American Institute of CPA's
Volume: 25 Issue: n10 Page: 620(2)

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