How do we treat gain on debt repayment and what is the tax implication of the gain?

[Kanayo]

How do we treat a gain on debt repayment . Prior to this gain, the FS position was a loss before we calculated this gain.. What also is the tax implication?

Thanks

 

[kirby]

https://www.coursera.org/lecture/ac...iabilities/early-extinguishment-of-debt-udd70
Above should take you to a video on this