Sentences with phrase «taxable phantom income»
The Mortgage Cancellation Relief Act of 2007, S. 1394, introduced by Sens. Debbie Stabenow, D - Mich., and George Voinovich, R - Ohio, among others, would direct the IRS not to count loan forgiveness under a workout as taxable phantom income.
http://realtormag.realtor.org/ Not exact matches
If you had debt forgiven by a credit card issuer, mortgage or student loan lender, or other financial institution, it may create «phantom income» that's taxable.
The tax essentially views forgiven loans as «phantom» income; therefore, this income is taxable.
Immediate taxable income would would be distributable, but since loss carryforwards can be paired with the capital gains, one of the main obstacles to buying back REIT CDO debt is eliminated (i.e., where to come up with the cash to pay required REIT dividends on «phantom» taxable income that is suddenly higher than actual operating cash flow?
The general tax rule that applies to debt forgiven treats the amount forgiven, sometimes referred to as phantom income, as taxable income to the borrower.