Basis reduction due to discharge of indebtedness: proposed regs.

The Tax Adviser | June 1, 1997| | Copyright

On Jan. 7, 1997, the IRS issued proposed regulations under Sec. 1017, specifying the manner and timing of reductions to asset basis accompanying the exclusion of discharge of indebtedness (COD) income from gross income; specific rules for applying Sec. 1017 to partnerships are also provided. The regulations are proposed to be effective on or after the date final regulations are published.

Background

Sec. 108(a) generally excludes COD income from gross income if:

* The debtor taxpayer is in a Title 11 case (bankruptcy);

* The debtor ...

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