Edward Hannon, a Partner in the Corporate and Real Estate Practice Groups, authored, “Unraveling the Mystery of Cancellation of Indebtedness Income: What Borrowers Need to Know of the Potential Tax Costs of Loan Workouts and Foreclosures,” a Freeborn & Peters White Paper.
About This White Paper:
Owners of commercial real estate have faced significant challenges over the past several years. For many owners, the receipt of a notice of foreclosure will cause the owner to focus on the possible loss of his or her entire investment in the property. However, in many cases, these owners quickly discover that the more pressing issue in a foreclosure situation is how the owner will fund the tax costs that will arise if the property is lost to foreclosure.