DOI

(redirected from Discharge of Indebtedness)
AcronymDefinition
DOIDivision of Interest
DOIDigital Object Identifier
DOIDepartment of the Interior (US)
DOIDirection of Investment
DOIDepartment Of Insurance
DOIDivision of Insurance
DOIDivision of Instruction (various locations)
DOIDate of Incorporation
DOIDivision of Information (Australian National University)
DOIDepth of Inheritance (metric)
DOIDomain Of Interpretation
DOIDeclaration of Independence
DOIDefinition of Insanity
DOIDirectorate of Instruction
DOIDistinctness of Image
DOIDouble Opt In (email)
DOIDischarge of Indebtedness
DOIData Overrun Interrupt
DOIDepartment of Infrastructure (Australia)
DOIDays of Inventory
DOIDate of Injury
DOIDeclaration of Intent (legal)
DOIDied Of Injuries
DOIDate of Issuance
DOIDegree of Interference
DOIDigital Opportunity Initiative
DOI2,5-Dimethoxy-4-Iodoamphetamine (hallucinogenic drug)
DOIDate of Introduction
DOIDepartment of Intelligence
DOIDiagramme Objet Interaction (French: Object Interaction Diagram)
DOIDate of Invoice
DOIDigital Orthorectified Imagery
DOIDocument-Oriented Interface (computing)
DOIDescent Orbit Insertion
DOIDaughters of Iraq (female security program; est. 2008)
DOIDate of Image
DOIDepartment of Institutions (Colorado)
DOIDry Operating Index
DOIDeath On Impact
DOIDetachment Operating Instruction
DOIDaily Operating Instruction
DOIDiffusion of Innovations
DOIDSSCS (Defense Special Security Communications System) Operating Instructions (US DoD)
DOIDefense Operating Instruction(s)
DOIDay of Install
DOIDivisional Operating Income
DOIDescription, Operation & Installation
DOIDepartment of Investigation
DOIDrawing Office Instructions (post design modification)
DOIDirector of Intelligence
DOIDuration of Immunity (veterinary microbiology)
DOIDepth of Invasion
References in periodicals archive ?
RRA '93 added qualified real property business indebtedness to the list of exclusions from gross income for discharge of indebtedness. This exclusion is available to all taxpayers except C corporations and is elective rather than mandatory.
108(a)(1)(B), which provides that "gross income does not include any amount which would be includable in gross income by reason of the discharge of indebtedness of the taxpayer if the discharge occurs when the taxpayer is insolvent," was modified by The Bankruptcy Act of 1980.
108(e)(6) provides that, for purposes of determining the debtor's income from discharge of indebtedness, if a debtor corporation acquires its indebtedness from a shareholder as a contribution to capital, that corporation shall be treated as having satisfied the indebtedness with an amount of money equal to the shareholder's adjusted basis in the indebtedness.
108(d)(3), insolvency is measured by determining the excess of liabilities over the fair market value (FMV) of assets immediately before the discharge of indebtedness. The partner may include his or her partnership interests in determining personal insolvency.
Taxpayers must attach a copy of their federal return, including Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment), with their state tax return."
Taxpayers can claim the special exclusion by filling out Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness, and attaching it to their federal income tax return for the year.
The value-added method is most often used to calculate reimbursement for the discharge of indebtedness. A division exists in the appellate court over whether or not to include interest payments when calculating reimbursements for the discharge of indebtedness.
Also, to the extent the debt is not reduced below the property's fair market value, it's possible to exclude the income on the discharge of indebtedness and reduce the depreciable basis of the building--as long as the debt proceeds were invested in the property.
These compliance objectives include: gross income (cash and noncash transactions), discharge of indebtedness, abusive tax avoidance transactions (ATAT), global compliance risks, amendments to the alternative minimum tax (AMT) and "flow-through" transactions of LLCs, LLPs and S corporations.
(21) This statute amends [section] 108(a) of the Internal Revenue Code (IRC) allowing taxpayers to exclude from gross income the discharge of indebtedness on their principal residence.
Form 982--Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)
Discharge of indebtedness. When all or part of a debt is forgiven, the amount of the cancellation is ordinarily included in the income of the taxpayer receiving the benefit of the discharge.