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Gregory M. Kling on Income from Discharge of Qualified Real Property Business Indebtedness

Valid election to exclude income attributable to discharge qualified real property business indebtedness from gross income demands close attention and adherence to requisite conditions.
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Valid election to exclude income attributable to discharge qualified real property business indebtedness from gross income demands close attention and adherence to requisite conditions. Central to compliance is what qualifies as "secured by such real property," parlance that is potentially challenging in the absence of explicit statutory definition. Nevertheless, reliance on safe harbors and related principles serve as guidance for compliance.

Gregory M. Kling, CPA, MST is a principal with Kling & Pathak LLP, Certified Public Accountants, in Cerritos, California. Mr. Kling also teaches undergraduate and graduate courses at the University of Southern California, Leventhal School of Accounting. He earned his undergraduate degree from University of California, Berkeley and his Masters degree in Taxation from Golden Gate University.

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