February 17, 2015Articles

Modifying Loans for Distressed Debtors: Debt Relief or Tax Trap

Delaware Banker, Vol. 11, No. 1

Vince Thomas was featured in the recent Winter 2015 issue of Delaware Banker for his article entitled "Modifying Loans for Distressed Debtors: Debt Relief or Tax Trap." In the article, he discusses the cancellation of indebtedness income and states that "in any loan restructuring or modification, the parties should proceed with the advice of sophisticated tax counsel to ensure that tax consequences and planning opportunities are considered." He goes on to state the importance of such actions and specifics in relation to cancellation of debt situations.