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May 5, 2009
NYSBA: Report on Cancellation of Indebtedness and AHYDO Rules
This Report provides recommendations for guidance under Sections 108(i) and 163(e)(5)(F), which were enacted as part of the American Recovery and Reinvestment Act of 2009, Pub. L. No. 111-5 (the “Stimulus Bill”). Sections 108(i) and 163(e)(5)(F) are designed (among other things) to help taxpayers who choose to reduce their outstanding debt by repurchasing the debt at a discount and taxpayers who need to modify (or otherwise restructure) the terms of their outstanding debt but wish to do so outside of bankruptcy.
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