This column continues the discussion1 of a modification of a default loan secured by real property (“troubled loan”), reviewing the specific tests contained in the regulations2 on whether a modification is significant. A taxpayer can rely on the specific tests to determine whether a modification is or is not “significant.” The last column discussed the specific tests.3 This column will discuss the rules of application for determining significance and the issues involved if a “related” person purchases the troubled loan.
Material Modification
The regulations contain several rules of application for purposes of determining whether a modification is significant.
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