[lbo-talk] Obama defends Republic workers

[Jordan Hayes]

>> a $30-50k tax bill, depending on your situation
>
> In this case, what's being taxed and by what agency ?

The 'forgiveness of debt' is 'ordinary income' (so long as it isn't a 
'non-recourse' loan, which most of these aren't) ... so, it's just like 
you "earned" it.  Whoever you pay taxes to (federal, state, local) will 
see it as a 1099-C.

/jordan