https://www.michigantaxblog.com/author/Scott-Hogan-Real-Estate-Municipal-Bankruptcy-Attorney Thu, 13 Aug 2026 09:11:47 -0400 https://www.michigantaxblog.com/income-from-discharge-of-indebtedness Scott H. Hogan income-from-discharge-of-indebtedness Thu, 09 Jan 2020 09:00:01 -0500 Section 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.

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