Question : if you remember, one of my related non recourse s corps was a guarantor of the loan and did not have any assets, the loans of the s corps which were recourse loans had collateral assets,<br/>The guarantor took over the balance of the loan that was not paid by the recourse s corps and the recourse loans were released by the lender, closed. After, the guarantor defaults on the loan, would any of the recourse s corps that were the original borrowers be on the hook for the COD tax?
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Answer : Yes, whomever still owes the debt (guarantor, co-borrower, etc.), as long as it’s recourse debt, will have the COD income when finally forgiven.
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