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TAXATION OF CANCELLATION OF DEBT

TAXATION OF CANCELLATION OF DEBT . Canceled Debt. Generally speaking, if a debt for which you are personally is canceled or forgiven, other than by gift, you must include the canceled amount in income. Debt for which you are personally liable is recourse debt. Canceled Debt.

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Non deductible loss - PowerPoint PPT Presentation

TAXATION OF CANCELLATION OF DEBT