The complexities of cancellation of debt income (CODI), including bankruptcy and insolvency implications, are important to understand.
When debt is cancelled or discharged, the borrowed funds become taxable income, or...more
A recent Chuck E. Cheese decision denies the debtor’s/tenant’s request to defer paying rent after the 60-day “rent holiday.”
The Bankruptcy Court applied the “plain language” rule to hold that section 365(d)(3)’s rent...more