Investments

Trusts: Love and affection can extend beyond the family

Wednesday 17th of November 1999
Under income tax law, forgiveness of debt generally can be taxable unless it falls within the relevant exemption. This has meant that since 1985 taxation liability occurs unless it is a situation where the creditor has natural love and affection for the debtor. In a well researched article, the author liberally illustrates the practical issues facing practitioners arising from the wide divergenc...
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