WASHINGTON (CN) - The decline in the value of debt between the date it is issued and the date it is modified due to deterioration of the issuer's financial condition will not be considered for tax purposes, according to new Internal Revenue Service regulations.
For tax purposes, only the change in value after the date of the modification will be considered.
Click the document icon for this regulation and others.
Subscribe to Closing Arguments
Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.