Any forgiveness of debt should be firmly predicated on a country's attacking corruption.
The second section provides that the forgiveness of debt counts as income to the lucky borrower unless the borrower is insolvent.
It includes outright gifts and charitable donations, sales of assets for less than fair market value (which constitute a transfer of the amount by which compensation received falls short of asset value), and forgiveness of debt.
Students and graduates without debt also overwhelmingly favored forgiveness of the debt for others (with 61% in favor).
Generally, you do not have income from canceled debt if the cancellation or forgiveness of the debt is a gift.
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It has brought political and economic stability, says Zie Gariyo, who runs the Uganda Debt Network, which campaigns for the forgiveness of foreign debt.
All of that said, the Mortgage Forgiveness Debt Relief Act of 2007 generally allows taxpayers to exclude from income from the discharge of debt on their principal residence.
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There are some specific exceptions to this rule, such as the one recently enacted for forgiveness of residential mortgage debt, which expires at the end of this year (section 108(a)(1)(E)).
Giving big gifts of debt forgiveness to a few people is not consistent with the purpose of the exemption.
If international lenders want to help countries improve their standards of living, they should tie debt forgiveness to the implementation of the five basic principles of economic progress.
Members of Congress have given themselves and their aides a nice back-to-school present: forgiveness of federal student loan debt.
Fannie and Freddie's federal regulator has been wary of debt forgiveness, saying there are cheaper ways to help homeowners avoid foreclosure.
Some of them are economic, such as the renegotiation or forgiveness of Soviet-era debt, as well as faster entry into the World Trade Organization.
It is working to reduce Iraq's external debt, which even after a round of debt forgiveness will stand at an excruciating three times GDP.
With the possibility of a Greek default on the table, market participants have become more accepting of the use of debt forgiveness to achieve stability.
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In Asia, a combination of debt forgiveness, fast growth and restraint in government spending has helped the debt-to-GDP ratio contract sharply in almost every country since 2001.
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What is called for now is expanded debt rescheduling covering several years beyond 1992 (including the debt contracted after 1 January 1991), to say nothing of debt forgiveness.
Many of the anti-Wall Street protesters push the idea of blanket debt forgiveness as a solution.
With the extension of the Mortgage Forgiveness Debt Relief Act, the short sale surge is likely to continue in 2013.
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So the organization has the burden of proving that debt forgiveness is a gift.
But longtime associates insist that he never played the race card, unlike other pribumi tycoons who lobbied for government favors and debt forgiveness on account of their ethnicity.
Simultaneously, Beijing aggressively courts the governments of these countries, showering them with trade deals, debt forgiveness, aid packages, and promises to provide for all of their economic development needs.
Our response to such appeals should be straightforward and firm: Those profligate Western governments and banks (especially in Germany, Italy and France) which showered credit guarantees and direct loans on the now-discredited central authorities in the Kremlin must shoulder most if not all of the burden and costs of Soviet debt rescheduling and forgiveness.
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If the Mortgage Forgiveness Debt Relief Act expires, all of this could change.
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There have been a lot of articles by economists advocating debt forgiveness as a crucial way for the economy to recover, so it would not surprise me if Congress changed the laws to encourage borrowers to obtain debt forgiveness.
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Established in 2007 with the onslaught of the foreclosure crisis, the Mortgage Forgiveness Debt Relief Act grants distressed homeowners an exemption from paying federal taxes on forgiven mortgage principals.
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And there is a fear that debt forgiveness for Greece would be the thin end of a very thick wedge, such that Ireland - for example - might argue that if Greece were getting what would in effect be a large transfer from the rest of the eurozone, it would like a bit of that too, thank you very much.
Because the exceptions to cancellation of debt income are narrow, Congress enacted the Mortgage Forgiveness Debt Relief Act in 2007.
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