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Collection of Debt (COD) Income Planning. A distressed real property owner facing the prospect of foreclosure, short-sale or deed-in-lieu of foreclosure may be surprised to discover that these events can lead to income taxation of capital gain or cancellation of debt – ordinary income.
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5 Ιουν 2020 · COD income, or income from the discharge of indebtedness, is one of the 14 separate categories of taxable income enumerated in Section 61 of the Code.
5 Ιουν 2020 · Blocker entities and REITs are taxable as C corporations. Therefore, real estate funds making their investments through owned-private REITs will be unable to take advantage of the COD income qualified business indebtedness relief and be forced to report that income as ordinary taxable income.
1 Απρ 2023 · Generally, COD income can occur in any of the following circumstances (among others): An asset foreclosure or similar transaction satisfying the debt. Unless specifically excluded under the tax law, COD income is taxable under Sec. 61.
12 Αυγ 2024 · In the case of tax partnerships, COD income is part of “bottom line” income reported to partners under Section 702(a)(8) (and determined pursuant to Section 703). In the case of S corporations, COD income is part “nonseparately computed income or loss” under Section 1366(a)(2). .
Deemed exchanges could, in turn, trigger the recognition of cancellation of debt (COD) 2 income and the accrual of original issue discount (OID) 3 deductions over the remaining term of the debt to the borrower and immediate gain/loss recognition and OID income to the lender.
20 Μαρ 2023 · When searching for a home or applying for a mortgage, you may hear your real estate agent or lender use any of the terms or acronyms below. Keep this guide handy — you'll be fluent in the language of home buying before you know it.
