Question: My wife and I filed for bankruptcy protection last year to get out from under an overwhelming amount of credit card debt. Will we have pay taxes on any forgiveness or cancellation of the ...

Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. Thomas J. Brock is a CFA and CPA with more than 20 years of experience in various areas ...

The Tax Court held that a married couple’s interest in their retirement account was not considered an asset for purposes of the cancellation-of-debt (COD) insolvency test, and thus the taxpayers could ...

For a number of years, taxpayers, the IRS and the courts have disagreed about the proper treatment of S corporations that have cancellation-of-debt (COD) income and are insolvent. Recently the U.S.