What is one little recognized risk to settling or discharging debt outside of bankruptcy?
What will be an ideal response?
When you settle a debt (when creditors agree to take less than you owe), the difference between what you owe and what they accept from you for settlement may be classified as forgiven debt. Outside of bankruptcy, debts that are forgiven or discharged may be counted as ordinary income on your tax return. For example, if you settle a $5,000 debt for $2,000, then you can be taxed on the $3,000 that the creditor forgave. You could get out of debt by settling and then get into debt with the IRS.
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The basic rule of ________ is that a person owes a duty of care to avoid foreseeable injury to others.
A. breach of warranty B. strict liability C. Magnuson-Moss Act D. negligence
Who is responsible for the leadership process?
A. followers B. leaders C. organizations D. followers and leaders
Minutes summarize the proceedings of meetings
Indicate whether the statement is true or false
For each of the following statements, indicate whether the statement applies to Job Order Costing Systems (JO) or Process Costing Systems (PC)
JO or PC The company manufactures homogeneous products through a series of uniform steps or processes. Cost transfers are made when each job is completed. There are separate Work-in-Process Inventory accounts for each department. A job sheet is prepared for each job. Cost transfers are made at the end of the accounting period. What will be an ideal response