United States Supreme Court
GITLITZ v. COMM'R OF INTERNAL REVENUE, 99-1295
26 USC 108(a) provides only that an insolvent S corporation's discharge of debt ceases to be included in gross income, but does not change the character of the discharge as "an item of income," so taxpayers may thus increase their basis in the shares and deduct suspended losses.
Appellate Information
- Decided 01/09/2001
- Published 01/09/2001
Judges
Court
- United States Supreme Court