• Clarifying Standards for Trade or Business Real Estate Debt
  • September 21, 2015 | Author: Jenni L. Harmon
  • Law Firm: Wagner Kirkman Blaine Klomparens & Youmans LLP - Mather Office
  • In this article, Johnson and Harmon argue that real estate lessors, developers, and dealers who realize cancellation of debt income attributable to acquisition debt for real property should be able to avail themselves of the exclusion for the discharge of qualified real property business indebtedness. Accordingly, they urge the IRS to clarify the defini- tion of real property used in a trade or business for purposes of section 108(a)(1)(D).