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Proposed regulations regarding discharge of indebtedness income exclusions applicable to grantor trusts and disregarded entities — The Internal Revenue Service has issued Proposed Regulations Section 1.108-9 under Internal Revenue Code Section 108(a), relating to the exclusion of discharge of indebtedness income of a grantor trust or a disregarded entity (that is, a business entity that's separate from its owner but that's disregarded for federal tax purposes).
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