LexisNexis Tax Advisor - Federal Topical: COD Gross Income Exclusion Guidance

LexisNexis Tax Advisor - Federal Topical: COD Gross Income Exclusion Guidance

IRS Rev. Proc. 2009-37 guidance clarifies cancellation of indebtedness (COD) relief under new IRC Sec. 108(i), created pursuant to the American Recovery and Reinvestment Act of 2009 (ARRA). The new Revenue Procedure also leaves open a few questions, however, related to IRC Secs. 704 and 752 provisions.

Click here to access our sample discussion of ARRA discharge of indebtedness provisions and Rev. Proc. 2009-37 guidance.  

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LEXIS.com subscribers can access insights on state tax and revenue implications of IRC Sec. 108(i) from Andrew Swain's commentary, A State Tax Revenue Consequence of the ARRA of 2009 in Cancelling Debt Income.