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Tax Implications on Cancellation of Debt

Posted on Thu, Jun 12, 2014

To Forgive Is Not Always Divine

For tax purposes don't think that you're off the hook if another party forgives or cancels a debt. Under the "cancellation of debt" (COD) provision in the tax law, this seemingly generous act could result in an unexpected tax bill.

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Tags: Tax, EHTC Article, Tax Advisers, Articles, Cancellation of Debt, COD, Tax Consequences, Forgiveness of Debt