The past two columns (See Part I and Part II) we discussed cancellation of indebtedness income (COD income) in the context of restructuring or work out of a troubled property or a mortgage securing the property (troubled loan) where the property does not generate sufficient cash to service the troubled loan or maintain the troubled property. This column continues the discussion in the context of when a partnership and/or LLC is the entity that owns the troubled property.
The April column reviewed the bankruptcy and insolvency exceptions to the COD income rules in connection with a restructuring or workout of a troubled loan.
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