With the current economy as it is, cancellation of debt (COD), which is reported on Form 1099C, is going to be a more common occurrence to both individuals and companies. In general, when a debt is canceled or forgiven and it is not a gift, it must be included in income. However, the amount of income to include and where on the return to report it may vary. Reviewing this type of transaction and minimizing the tax related to the cancellation of debt is a service we can provide.
Treatment of...
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