What do you believe is the theoretical justification in tax policy

| March 13, 2016

Question
What do you believe is the theoretical justification in tax policy for the relief from cancellation of indebtedness income provided to insolvent or bankrupt taxpayers. That is, while this form of income is excluded, other sources of income by an insolvent taxpayer, such as compensation or interest and dividend income, remain subject to tax. Support your conclusions with research and reasoning.

Please list references

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