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| Topic: |
Business
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| Number of pages / Number of words: |
6 / 1462 |
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More importantly, it serves as a much-needed economic boost to jump-start both confidence by protecting the financial system and get credit flowing again. Despite negative reactions from the people and the press, the bailout comprises of tax amendments and changes that may provide relief to the individuals most affected by the economy...
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The tax consequences arising from the bailout act are important to note and some major provisions are listed below.
1. Extend mortgage debt forgiveness relief to 2012: cancellation of debt will not be treated as taxable income and no taxies will be levied on discharges of up to $2 million (married filing jointly) and $1 million (married filing separately)...
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