H.R. 4561 — To amend the Internal Revenue Code of 1986 to provide a limited exclusion from gross income for the discharge of indebtedness of individuals.

Summary

Amends the Internal Revenue Code to allow a limited exclusion from gross income for income resulting from the discharge of qualified individual indebtedness. Defines "qualified individual indebtedness" as any indebtedness of an individual other than indebtedness which is discharged on account of services performed for the lender or held at any time by a person related to such individual.

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Legislative Actions

2010-02-02
Introduced in House
2010-02-02
Introduced in House
2010-02-02
Referred to the House Committee on Ways and Means.

To amend the Internal Revenue Code of 1986 to provide a limited exclusion from gross income for the discharge of indebtedness of individuals.

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