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- Title
Recent Developments & Observations.
- Authors
Schippel, Bahar A.
- Abstract
The article discusses the ruling held by the U.S. Internal Revenue Service (IRS) on LTR 200953005 which qualifies real property business indebtedness for the purpose of Code Section 108. IRS states that foreclosure of the debt will result a transfer of all of the equity interest in the property with no interest secured by the property. Thus, Code Section 108 provides cancellation of debt income in the case of qualified real property business indebtedness incurred by taxpayer.
- Subjects
UNITED States; REAL property; DEBT; EQUITY stake; STOCK transfer; TAXPAYER compliance; UNITED States. Internal Revenue Service
- Publication
Journal of Passthrough Entities, 2010, Vol 13, Issue 2, p53
- ISSN
1099-7407
- Publication type
Article