• Adding Insult to Injury - How the Tax Code Complicates Amending Financing Transactions
  • March 10, 2009 | Authors: David L. Batty; William L. Harvey; Marvin J. Miller; Gregory S. Murray
  • Law Firms: Winston & Strawn LLP - Chicago Office ; Winston & Strawn LLP - San Francisco Office ; Winston & Strawn LLP - New York Office ; Winston & Strawn LLP - Chicago Office
  • Few people would be surprised to discover that if a creditor forgives a debt or allows a debtor to retire a debt for an amount that is less than the amount originally borrowed by the debtor, the Internal Revenue Service will tax the amount of the forgiveness or discount as ordinary income.