tax attribute


Method of accounting for deferred reduction of tax credits, due to not recording a cancelled debt as taxable income. An individual filing bankruptcy is not required to declare cancelled debts as taxable income, but must reduce other tax attributes, such as future tax credits, to compensate.

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It might be in your best interests for your accountants to try and find any tax attribute that they can find.

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It was a tax attribute and we had our accountant handle it because he was really good at doing the boring stuff.

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Since bill recently had his student loans forgiven, he had to reduce the tax attribute of his income so that he was not stuck with a high tax bill

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