IRS Issues Favorable Guidance On Election To Defer Cancellation Of Debt Income
Mondaq Business Briefing › United States Law Articles in English (2009)
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IRS Issues Favorable Guidance On Election To Defer Cancellation Of Debt Income
Article by : Sanford J. Davis, Mitchell R. Kops and
Christopher R. UzpenOn August 17, 2009, the Internal Revenue Service("IRS") issued Revenue Procedure 2009-37 (the"Revenue Procedure") to provide important guidance on theability of taxpayers to defer cancellation of debt("COD") income arising on the reacquisition of their owndebt. The right to defer COD income on reacquired debt -- added bythe American Recovery and Reinvestment ...See the full content of this document
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