Revenue – primary goal

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§108(b)(1) and (2) – I don’t think I understand these at all. Something about reduction of tax attributes. What the fuck is a tax attribute.

  • If taxpayer becomes profitable after the discharge, reducing tax attributes, whatever they may be, effectively defers income rather than permanently excluding it.

  • Or taxpayer can reduce basis of depreciable property. §108(b)(5)(A). And future depreciation deductions will be less. Also defers recognition of income.

  • If you become solvent because of discharge, can only exclude to extent of insolvency. §108(d)(3). So exclusion limited to amount that will make taxpayer have zero net worth.

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