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COD income

Italian translation: reddito da cancellazione debito

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)

English term or phrase:	COD income = COD (Cancellation of Debt) Income
Italian translation:	reddito da cancellazione debito
Entered by:	Cristina intern

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17:09 Aug 1, 2010

English to Italian translations [PRO]
Law: Taxation & Customs / Individual Tax Return

English term or phrase: COD income

21. Other income. List type and amount (see page 29): COD income - State bank

Maria Elisa Albanese KudoZ activity Questions: 1424 (none open) (25 closed without grading) Answers: 25 United States
Local time: 02:00

COD (Cancellation of Debt) Income / reddito da cancellazione debito

Explanation:
Imponibile a scopi fiscali in USA

Taxpayers in the United States may have tax consequences when debt is cancelled. This is commonly known as ***COD (Cancellation of Debt) Income***. According to the Internal Revenue Code, the discharge of indebtedness must be included in a taxpayer's gross income.[1] There are exceptions to this rule, however, so a careful examination of one's COD income is important to determine any potential tax consequences.
http://en.wikipedia.org/wiki/Cancellation_of_Debt_(COD)_Inco...