As 2016 starts to move forward, Congress seems especially less likely to agree on legislation extending all the tax breaks that have currently expired. S. 1946, Tax Relief Extension Act of 2015, generally provides for a two-year extension while the…
Issue Under the tax code, when cancellation of indebtedness income excluded from gross income results in a reduction of combined net operating losses, and a business entity can carry forward this reduction to offset income in following tax years, must…
