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 ...

When an unpaid debt is cancelled or extinguished, the borrower generally recognizes taxable income in the amount of the cancelled debt. However, the character of the income depends on the situation ...

With hundreds of thousands of homeowners having negotiated loan modifications or short sales or been foreclosed upon during the past year, the Internal Revenue Service has issued fresh guidance on how ...

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.

When you're struggling with growing credit card debt, finding relief can feel like a weight has been lifted off your shoulders. Whether through negotiated settlements, forgiveness programs or ...