Does the discharge or forgiveness of indebtedness result in taxable income?

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Generally, yes. While borrowed funds are excluded from income, the release of the repayment obligation increases the taxpayer's assets.  Considering a Tax Professional? For no obligation free consultation contact us today!ABA Tax Accountinginfo@abataxaccounting.com612-282-3200 866-936-0430 Toll Freehttp://www.abataxaccounting.comwww.abataxaccounting.wordpress.comwww.abatax81.blogspot.com