S
Seth Breidbart
Does it matter what the source of the debt was?
Clearly, if I borrow $1000 and don't have to pay it back,
I'm $1000 better off, so calling it income is reasonable.
What if I accidentally damage someone else's property, so
that I owe him $1000, but he forgives the debt? I'm no
better off (than I was before doing the damage), so is there
income?
Seth
Clearly, if I borrow $1000 and don't have to pay it back,
I'm $1000 better off, so calling it income is reasonable.
What if I accidentally damage someone else's property, so
that I owe him $1000, but he forgives the debt? I'm no
better off (than I was before doing the damage), so is there
income?
Seth
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