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DEBT DISCHARGE IN BANKRUPTCY.
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- معلومة اضافية
- الموضوع:
- الموضوع:
- نبذة مختصرة :
Reports that the U.S. Internal Revenue Code section 108(a) exempts from taxable income a debt discharge that occurs when the debtor is in bankruptcy. However, the benefit of this special rule for troubled corporations is withdrawn by section 108(b), which mandates a reduction of certain favorable tax attributes when debt discharge income is excluded by virtue of the bankruptcy exception. The effect of this attribute reduction is the same as if the discharge income had been included in taxable income.
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