Tax Planning for Cancellation of Debt

 
Thomson Reuters, Checkpoint Learning Webinar
September 21, 2017 (11:00 a.m. - 1:00 p.m.) ET

Joseph B. Darby III presented "Tax Planning for Cancellation of Debt," at a webinar sponsored by Thomson Reuters.

Mr. Darby addressed the tax aspects of cancellation of debt, both from a cancellation occurring in bankruptcy and a cancellation or modification resulting from a negotiated settlement between a lender and a distressed borrower. He discussed the unfortunate and increasingly common circumstance where taxpayers are in dire economic straits, and cannot pay off their outstanding debts, and how the modification or cancellation of outstanding debts can lead to complicated and often adverse tax consequences to both the borrower and the lender.