When debt is cancelled or discharged, the debt generally becomes taxable income, called cancellation of debt income. There are exceptions. One exception is qualified real property business ...

Forbes contributors publish independent expert analyses and insights. I cover changes and new developments in the federal tax law. This article is more than 3 years old. The COVID-19 pandemic has had ...

The Tax Court held that the basis adjustment relating to the discharge of certain qualified real property business indebtedness (QRPBI) occurs in the year the property is sold and not in the ...

Businesses still struggle with the right mix of debt and equity to stay afloat in this economy. Where cash-flow problems cannot be resolved by equity infusions or simple refinances, debt workout ...

Proposed regulations regarding discharge of indebtedness income exclusions applicable to grantor trusts and disregarded entities — The Internal Revenue Service has issued Proposed Regulations Section ...

It’s no surprise that Covid-19 has had a dramatic impact on the commercial real estate industry. Building owners feel the effects in two ways: Tenants are strapped for cash, and employees are working ...

Two exceptions to the general provision of IRC § 61(a)(12) recognizing income from the discharge of indebtedness were tested recently in separate cases, but the taxpayers were not successful in either ...

The February column 1 began a discussion focusing on the key issues that an owner of a troubled property faces when restructuring or working out a mortgage secured by a property (hereinafter troubled ...

The Internal Revenue Service is offering guidance on mortgage principal reductions in the federal government’s program for mortgage modifications for borrowers who have fallen behind on their payments ...

Freeman Law’s “The Tax Court in Brief” covers every substantive Tax Court opinion, providing a weekly brief of its decisions in clear, concise prose. For a link to our podcast covering the Tax Court ...