Avoiding Cancellation of Debt Using Rebates or Refunds
Can taxpayers avoid cancellation of debt income by structuring debt reductions as rebates or refunds? The court touched on this issue in French v. Commissioner, T.C. Summary Opinion 2018-36. The Facts & Procedural History The taxpayers borrowed money to purchase a home. When they failed to make their payments on the mortgage, the bank made contacted […]
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