American Recovery And Reinvestment Act Amends Section 108 To Allow COD Income Deferral
Mondaq Business Briefing › United States Law Articles in English (2009)
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American Recovery And Reinvestment Act Amends Section 108 To Allow COD Income Deferral
If a calendar year taxpayer realizes COD income as a result of a
modification or repurchase of its debt occurring in calendar year2009, the taxpayer can elect to recognize the COD income ratablyover the five-year period beginning 2014 and ending 2018.Section 108 of the Internal Revenue Code was amended by theAmerican Recovery and Reinvestment Act of 2009 (2009 Recovery Act)to allow qualifying taxpayers to elect to defer cancellation ofindebtedness (...See the full content of this document
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