Debt discharge income and S corporations: An analysis after the tax court decision in Winn.
Document Type
Article
Publication Date
1998
Date Issued
January 1998
Date Available
December 2013
ISSN
0040-0181
Abstract
Excerpt: “How do the debt discharge rules work if the taxpayer is an S corporation…? Does the debt discharge income flow through separately to the shareholder? If so, then whether or not the income is taxable depends on whether the individual shareholder is insolvent, and not the corporation itself. Or is the question of insolvency determined at the corporate level? If that is the case, then how is the corresponding reduction of tax attributes handled? Another significant issue is the effect of the debt discharge exclusion on the tax basis of the shareholder’s stock…These are some of the issues that we discuss in this article…” p.46
Language
en_US
Publisher
CCH Inc.
Recommended Citation
Fellows, J.A. & Yuhas, M.A. (1998). Debt discharge income and S corporations: An analysis after the tax court decision in Winn. Taxes, 76(2), 46-59.
Creative Commons License
This work is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 4.0 License.
Comments
Excerpt only. Full-text article is available through licensed access provided by the publisher. Published in Taxes, 76(2), 46-59.