cancellation-of-indebtedness income
- cancellation-of-indebtedness income
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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.
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2010.
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