http://www.isnare.com/?s=author&a=Paul+B.+Sundin%2C+CPA Finances Paul B. Sundin, CPA Fri, 14 Aug 2009 00:00:00 -0700 http://www.isnare.com/?aid=398097&ca=Finances The general rule regarding cancellation of debt is that it is a taxable event. But there are some exceptions. The most common exceptions involve bankruptcy, the Mortgage Forgiveness Debt Relief Act (the “Act”), the insolvency provision, and certain farm and other business indebtedness. If the cancel...