Irc Section 108

The amendments made by this section amending this section and sections 6501 and 6511 of this title shall apply to expenditures with respect to which the second taxable year described in former section 118 b 2 b of the internal revenue code of 1986 formerly i r c.

Irc section 108. Applies to indebtedness that is discharged on or after jan. 1 2007 and before jan. Under section 1273 a the 1 000 000 excess of the stated redemption price at.

2008 34 issue do the terms of a loan made under the loan repayment assistance program lrap described below satisfy the requirements of 108 f 1 of the internal revenue code and is the lrap loan a student loan within the meaning of 108 f 2. In the case of any discharge of indebtedness to which subparagraph a or b of section 108 a 1 of the internal revenue code of 1986 formerly i r c. Internal revenue code section 108 b 5 income from discharge of indebtedness a exclusion from gross income.

1954 relating to exclusion from gross income as amended by section 2 applies and which occurs before january 1 1982 or which occurs in a proceeding in a bankruptcy case or similar. Gross income does not include any amount which but for this subsection would be includible in gross income by reason of the discharge in whole or in part of indebtedness of the taxpayer if. If any discharge cancellation or modification of indebtedness of a railroad corporation occurs in a taxable year beginning after december 31 1976 pursuant to an order of a court in a proceeding referred to in section 108 b a or b which commenced before january 1 1960 then.

Section 1951 b 2 b of pub. Iii under paragraph g 1 of this section the indebtedness is treated as issued to p on january 1 1992 with an issue price of 9 000 000. 1954 ends after december 31 1984.

Created a new exclusion under irc sections 108 a 1 e and 108 h for discharged qualified principal residence indebtedness.