An Overview of the Rules Regarding the Realization and Recognition of Debt Cancellation Income- Part I

Thomas Gallagher and Dennis Cohen are co-authors of an article published in the Pratt’s Journal of Bankruptcy Law. The first in a two-part series providing an overview of how the income tax rules relating to debt cancellation income (COD income) work, this article focuses on the general COD income rules. Thomas and Dennis highlight some of the decisions and judgments that must be made in navigating these rules.


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