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Bankruptcy Can Stop Cancellation of Debt Tax  
Old 09-06-2008, 08:43 PM   #1
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The IRS considers debt that is cancelled, in full or in part, to be taxable income to the debtor to the extent the financial position of the taxpayer has been improved by the debt cancellation.* This means that a credit card company*settlement*can result in an income tax bill from the Internal Revenue Service.* It is [...]

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