...indebtedness. Indebtedness is qualified business indebtedness of the taxpayer only if (i) the indebtedness was incurred or assumed by a corporation, or by an individual in connection with property used in the individual's trade or business, and (ii) such taxpayer makes the election under section 108(d)(4)...

...indebtedness. Indebtedness is qualified business indebtedness of the taxpayer only if (i) the indebtedness was incurred or assumed by a corporation, or by an individual in connection with property used in the individual's trade or business, and (ii) such taxpayer makes the election under section 108(d)(4)...

...which the taxpayer is liable, or subject to which the taxpayer holds property, if the indebtedness was incurred or assumed by a corporation, or by an individual in connection with the acquisition of property used in his trade or business. However, to exclude such income, the taxpayer...

...which the taxpayer Is liable, or subject to which the taxpayer holds property, if the Indebtedness was Incurred or assumed by a corporation, or by an individual in connection with the acquisition of property used in his trade or business. However, to exclude such income, the taxpayer...

...indebtedness. Indebtedness is qualified business indebtedness of the taxpayer only if (i) the indebtedness was incurred or assumed by a corporation, or by an individual in connection with property used in the individual's trade or business, and (ii) such taxpayer makes the election under section 108(d)...

...included in gross income by reason of the discharge, in whole or in part, within the taxable year, of any properties used in a trade or business and for which the taxpayer is liable, if such taxpayer makes...

...Bankruptcy Act. Election To Reduce Basis. The amount of income realized on the cancellation of a debt incurred or assumed by a corporation, or by an individual in connection with property used in his trade or business may, under certain conditions, be excluded from income upon election. See your District...

...credits. •Qualified business indebtedness' was defined in the terms now found in section 10B, ie. as indebtedness incurred or assumed by a corporation,...individual in connection with property used in his trade or business. The JCT Pamphlet regarding the Bill in ito original form, described the Bill as...

...and 1017 of the Code). This income exclusion is available if the discharged indebtedness was incurred by a corporation or by an individual in connection with property used in his trade or business. These provisions were intended to allow the. tax on the 'Treas. Regs. § 1.01-12(1))...

...and 1017 of the Code). This income exclusion is available if the discharged indebtedness was incurred by a corporation or by an individual in connection with property used in his trade or business. These provisions were intended to allow the tax on the debt-discharge income to...