Since the mid 1980s, the problem of income tax liability on discharge of indebtedness has taken on added significance.The focus on discharge of indebtedness has been partly because of the farm debt crisis of the mid 1980s, partly because of the savings and loan problems beginning the same decade and partly because of the widespread decline in real estate values since the late 1980s.
"Creditor Reporting of Debt Discharge,"
Agricultural Law Digest: Vol. 7
, Article 1.
Available at: http://lib.dr.iastate.edu/aglawdigest/vol7/iss4/1