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MODiFiEDZ

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Re: tmcfo post# 120390

Sunday, 04/27/2014 3:03:31 PM

Sunday, April 27, 2014 3:03:31 PM

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Definition of 'Cancellation Of Debt - COD'

When a creditor forgives a debt without requiring consideration in return. The amount of debt that is forgiven by cancellation of debt is considered income to the debtor and must be reported as a result. In most cases, it is taxable as ordinary income and is known as cancellation-of-debt (COD) income.
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