...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) and this section with respect to...

...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) and this section with respect to...

...p. 2. proposed § 108(a)(l)(c). " § 108 applies in cases of discharge of any indebtedness which was incurred or assumed: (1) by a corporation, or (2)...an individual in connection with property used in his trade or business. '« Plumb, The Tax Recommendations of the Commission on the Bankruptcy Laws—...

...exclusion, at the taxpayer's election, of income from discharge of qualified business indebtedness (secs. 108(aXlXC), 1017). The latter term means indebtedness...the taxpayer for sale to customers in the ordinary course of business. If the taxpayer disposes of property .the basis of which has been reducea under...

...under section 108(a)())(C) and (d)(4) applies to indebtedness which was incurred or assumed either (1) by a corporation, or (2) by an individual in connection with property uud in the individual's trade or business: and for which indebtedness lhe corporation or individual...

...corporation, any indebtedness incurred by the corporation or, for an individual, indebtedness incurred by the individual in connection with property used in the individual's trade or business. Explanation of Provision In the case of a discharge of qualified real property indebtedness, a taxpayer...

...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) and this section with respect to...