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President Joe Biden lauded the latest tranche of debt cancellation – $4.7 billion for more than 60,000 student loan borrowers, according to administration officials – as a milestone in his ...
Therefore, a cancellation of a $20,000 debt will not need to be reported as gross income. However, if a debt of $60,000 was cancelled, the taxpayer will have $10,000 in gross income because their total liabilities no longer exceed their total assets (cancelling $60,000 in debt means the taxpayer now has only $40,000 in liabilities).
Another 2.5 million individuals who took out federal loans for their undergraduate degrees and began repaying them over 20 years ago and graduate student borrowers who began repaying their debts ...
The actions are a part of Biden's effort to fulfil his 2020 campaign pledge to deliver debt relief to millions of Americans before he leaves office in January. Biden cancels another $4.28 billion ...
Zarin realized no income from the settlement for two reasons. [6] First, the Federal Income Tax Code provisions covering discharge of debt were inapplicable since the situation failed to meet the definitional requirements of section 108(d)(1). [1] Second, the settlement of Zarin's gambling debts constituted a "contested liability." [1]
The 2014 United States elections were held on Tuesday, November 4, 2014, in the middle of Democratic President Barack Obama's second term. A typical six-year itch midterm election suffered by most second-term presidents, this election saw the Republican Party retaining control of the House of Representatives and winning control of the Senate, while furthering their gains in the governorships ...
Despite legal hurdles and the fast-approaching election, the White House is forging ahead with another broad student debt relief plan in the waning days of Joe Biden’s presidency.. The federal ...
As of this week, President Joe Biden has forgiven nearly $138 billion in student debt for almost four million Americans. The Biden administration has vowed it won’t cease its debt cancellation ...