Cancellation of Indebtedness Income and Other Debt Issues

Summary

This practice note discusses cancellation of indebtedness (COI), which is an extension of relief from servicing a loan obligation. This practice note provides information pertaining to both recourse and nonrecourse dept. This practice note helps you to navigate the issues and tax consequences of COI including the exceptions and exclusions, debt mitigation and foreclosures, and retiring or restructuring corporate debt.