Solved: Debt forgiveness creates a taxable event, Accounting Basics

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Debt forgiveness creates a taxable event

Question: Many people struggle to understand that debt forgiveness creates a taxable event. However there are some exclusions. The following article covers the topic in good detail.

Please give your thoughts and comments about this.

https://taxes.about.com/od/income/qt/canceled_debt.htm

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Accounting Basics: Debt forgiveness creates a taxable event

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