Being insolvent

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  • AccTaxMan
    Senior Member
    • Apr 2007
    • 346
    #1

    Being insolvent

    Client has to determine whether he was being insolvent on the date of the cancellation of a debt. Does the amount of the debt that was cancelled on that day still considered his liability?
    Tags: None
    • AJsTax
      Senior Member
      • Jun 2008
      • 629
      #2
      Day Before

      The list of liabilities is actually the day immediately before the cancellation of debt.
      So yes, that is included in the total.
      AJ, EA

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