International Financial Law Prof Blog

Editor: William Byrnes
Texas A&M University
School of Law

Monday, January 30, 2017

Treasury Extends Relief to (Law) Students for "Defense to Repayment” or “Closed School” discharge process

Revenue Procedure 2017-24 provides relief from discharge of indebtedness income for taxpayers whose Federal student loans, taken out to attend a school owned by the American Irs_logoCareer Institutes, Inc., are discharged by the Department of Education under the "Closed School" or "Defense to Repayment" discharge process.  The revenue procedure also provides that the IRS will not assert that the entity discharging these loans has an information reporting requirement.  This revenue procedure modifies Rev. Proc. 2015-57, 2015-51 I.R.B. 863, to provide similar reporting relief for creditors under that revenue procedure.

Revenue Procedure 2017-24 will be IRB 2017-07, dated 2/13/17.

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