Google Answers: Financial reporting and listing of Forgivenest of Debt

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Q: Financial reporting and listing of Forgivenest of Debt ( No Answer, 0 Comments )

Question

Subject: Financial reporting and listing of Forgivenest of Debt
Category: Business and Money > Accounting
Asked by: roy888-ga
List Price: $25.00

Posted: 29 Jul 2005 13:09 PDT
Expires: 28 Aug 2005 13:09 PDT
Question ID: 549552

What are the Generally Accepted Accounting Practice (GAPP) and the
Security And Echange (SEC)rules and regulations for reporting
"Forgiveness of Debt income? I want to know how record the forgiveness
of debt on income statements and financial reports. How is forgiveness
of debt treated by the IRS?

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