Taxation of Debt Collection and Cancellation
T HE PURPOSE Of this article is to examine and analyze some of the income tax consequences arising from the payment, collection, compromise or cancellation of contractual rights and obligations. Several common factual situations will be discussed, and under each heading the tax position of the creditor and the debtor will be distinguished. In the interests of more detailed study of a fairly limited subject matter, factual situations involving the foreclosure of mortgages and repossessions under installment sale or deferred payment contracts are not discussed. The author defers to the numerous sources in which those special problems are ably treated.? I
markdownabstractThe main question addressed in this study is: ::: _How has the concept of EU citizenship influenced the legal autonomy of Member States; most notably in the field of direct taxation and are the implications of that influence on the tax autonomy of Member States acceptable?_