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NEW IRS LETTER - IRS Issues Short Sale Tax Clarification

NEW IRS LETTER

IRS Issues Short Sale Tax Clarification

After receiving comments from California tax practitioners and its own review of California law, the IRS has issued a clarification to its September 19, 2013 letter to Senator Barbara Boxer concerning short sales and taxes on the forgiven debt. The new IRS letter indicates that forgiven short sale debt is not subject to cancellation of debt (COD) income only if it is non-recourse at its inception and that their prior letter was overly broad.

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