No basis increase for S corporation debt-discharge income.

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No basis increase for S corporation debt-discharge income. (New Rules for Business).(Brief Article)

Publication: CPA Client Bulletin
Publication Date: 01-AUG-02

Format: Online - approximately 129 words
Delivery: Immediate Online Access

Article Excerpt
Last year, the Supreme Court said that if an S corporation becomes insolvent, debt forgiven by its creditors--even though not taxable as "cancellation-of-debt income"--was still income for purposes of increasing the basis of an S owner's stock. This was an important advantage to S because...

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...shareholders, increased basis meant...

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