Main Menu Back to Page
{ Banner Image }

Showing 1 post by Caroline Renner.

IRC §108 – Income from Discharge of Indebtedness

Hand Holding MoneySection 61 of the Internal Revenue Code establishes that all income, from whatever source derived, is included in gross income. If the income arises from a sale or exchange of property that is not a capital asset or property used in a trade or business then it is taxed as ordinary income. Read More ›

Categories: Did you Know?, Income Tax, Tax