| http://www.w3.org/ns/prov#value | - Canceled Debt(p22) Debt Cancellation The following explains the general rule for including canceled debt in income and the exceptions to the general rule.taxmap/pubs/p334-014.htm#en_us_publink100025212General Rule(p22)Generally, if your debt is canceled or forgiven, other than as a gift or bequest to you, you must include the canceled amount in your gross income for tax purposes.
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