Many of life’s events such as losing a job, foreclosure of a home or even forgiveness of a debt impact the payment of taxes. The tax law offers hope in these situations. As an example, if a taxpayer’s income decreases,…
Issue What is the allocation of partnership liabilities and the tax implication of a foreclosure? Related Tax Rule or Regulation Internal Revenue Code Section 465 Internal Revenue Code Section 704 Internal Revenue Code Section 731 Internal Revenue Code Section 752…
