Under the Code, the cancellation of indebtedness, or cancellation of debt, is considered taxable income to the debtor, except in cases in which the taxpayer remains insolvent subsequent to the discharge of the indebtedness at issue.
Under the Code, the cancellation of indebtedness, or cancellation of debt, is considered taxable income to the debtor, except in cases in which the taxpayer remains insolvent subsequent to the discharge of the indebtedness at issue.