The Hidden Tax Trap Associated with Cancellation of Debt CLE

Buchanan Ingersoll & Rooney attorney Justin Pierce Berutich presented "The Hidden Tax Trap Associated with Cancellation of Debt" at the December Continuing Legal Education Seminar for Marino Legal CLE, held December 7, 2013, at the Newark Museum in Newark, New Jersey.

By special request from organizers and attendees, Berutich presented, for a third time, on the law of cancellation of debt (COD) income and its effect on entities and individual obligors and guarantors. In addition to providing an overview of cancellation of debt issues, the CLE discussed the specific effects of COD income on guarantors of single purpose limited liability companies holding title to collateral real property, as well as individual debtors incurring COD income as a result of transactions associated with their principal residences.