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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Mike M2 who wrote (204058)	11/12/2002 9:59:16 AM
From: maceng2	Read Replies (4) \| Respond to of 436258

IRS considers extinguishment of debt to be income Yes it does, not only that, bankruptcy in the USA cancels all debts except those owed to the IRS. This has been true before any recent tightening of the law. Tough cookies those USA IRS guys. I'm not a USA tax expert either, but I had to consider the options when a house I bought became a deep financial hole in the ground. Fortunately time and patience kept me on the right side of those guys. Ebbers looks real screwed. It would be interesting to see how good a lawyer team he can retain for his case.