cancellation of indebtedness income

cancellation of indebtedness income
cancellation of indebtedness income (COD income/CODI)
USA
If a debt is cancelled or forgiven, other than as a gift or bequest, the debtor generally must include the cancelled amount in gross income for tax purposes (IRC § 61(a)(12)). A debt includes any indebtedness for which the debtor is liable or which attaches to property the debtor holds. IRC § 108 excludes certain cancellation of indebtedness income from gross income (such as cancellation of indebtedness income with respect to discharges that occur when the taxpayer is insolvent or in a case under the Bankruptcy Code).

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

Игры ⚽ Нужно решить контрольную?

Look at other dictionaries:

  • cancellation-of-indebtedness income — (COD income/CODI) USA If a debt is cancelled or forgiven, other than as a gift or bequest, the debtor generally must include the cancelled amount in gross income for tax purposes (IRC § 61(a)(12)). A debt includes any indebtedness for which the… …   Law dictionary

  • Cancellation of Debt (COD) Income — Part of a series on Taxation Taxation in the United States …   Wikipedia

  • COD Income — cancellation of indebtedness income (COD income/CODI) USA If a debt is cancelled or forgiven, other than as a gift or bequest, the debtor generally must include the cancelled amount in gross income for tax purposes (IRC § 61(a)(12)). A debt… …   Law dictionary

  • CODI — cancellation of indebtedness income (COD income/CODI) USA If a debt is cancelled or forgiven, other than as a gift or bequest, the debtor generally must include the cancelled amount in gross income for tax purposes (IRC § 61(a)(12)). A debt… …   Law dictionary

  • Бер, Йишай — В Википедии есть статьи о других людях с такой фамилией, см. Бер (фамилия). Йишай Бер ישי בר Дата рождения 11 июня 1956(1956 06 11) (56 лет) Принадлежность …   Википедия

  • loan buyback — USA Loan buybacks refer to a borrower or its affiliate (including a sponsor) buying back part of the borrower s loan from less than all of the lenders in a loan syndicate at less than par value. Loan buybacks became prevalent in the early stages… …   Law dictionary

  • Zarin v. Commissioner — 916 F.2d 110 (3rd Cir. 1990) is a United States Third Circuit Court of Appeals decision concerning the cancellation of debt and the tax consequences for the borrower for U.S. federal income tax purposes.HistoryBackgroundResorts Hotel… …   Wikipedia

  • debt — A sum of money due by certain and express agreement. A specified sum of money owing to one person from another, including not only obligation of debtor to pay but right of creditor to receive and enforce payment. State v. Ducey, 25 Ohio App.2d 50 …   Black's law dictionary

  • debt — A sum of money due by certain and express agreement. A specified sum of money owing to one person from another, including not only obligation of debtor to pay but right of creditor to receive and enforce payment. State v. Ducey, 25 Ohio App.2d 50 …   Black's law dictionary

  • Economic Affairs — ▪ 2006 Introduction In 2005 rising U.S. deficits, tight monetary policies, and higher oil prices triggered by hurricane damage in the Gulf of Mexico were moderating influences on the world economy and on U.S. stock markets, but some other… …   Universalium

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”