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When is Unpaid Rent a Liability?
By Phil Jelsma, Crosbie Gliner Schiffman Southard & Swanson (CGS3)
Amidst a softening rental market, the use of the insolvency exception to avoid ordinary income on cancellation of indebtedness is magnified.
In a recent article, Phil Jelsma, a partner at CGS3, examines when unpaid rent is treated as a liability for purposes of determining insolvency, highlighting the implications of a recent case, Catrina E. White v. Commissioner.
The full article can be read in The Daily Journal here (subscription required).