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Get Most Serious Problems MSP #3

Ng and Reporting the Tax Consequences of Cancellation of Debt Income Responsible Officials Richard J. Byrd, Jr., Commissioner, Wage and Investment Division Chris Wagner, Commissioner, Small Business/Self-Employed Division Definition of Problem The National Taxpayer Advocate, in her 2007 Annual Report to Congress, identified the tax consequences of cancellation of debt income as one of the most serious problems encountered by taxpayers.1 The rules that determine whether cancellation of debt inco.

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