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TREAS/IRS RIN: 1545-BI96 Publication ID: Fall 2010 
Title: Guidance Regarding Deferred Discharge of Indebtedness Income of Corporations and Deferred Original Issue Discount Deductions 
Abstract: On February 17, 2009, as part of the American Recovery and Reinvestment Tax Act of 2009, Congress enacted section 108(i). Section 108(i) provides an election for deferral of discharge of indebtedness income (deferred COD income) arising in connection with a reacquisition of an applicable debt instrument in 2009 and 2010. The deferred COD income generally is includible in gross income ratably over a 5-taxable-year period, beginning with the taxpayerÂ’s fourth or fifth taxable year following the taxable year of the reacquisition. Section 108(i)(5)(D) requires a taxpayer to accelerate any remaining deferred items of COD income following a valid section 108(i) election in certain circumstances. Proposed regulations under section 108(i) will provide guidance to C Corporations regarding the acceleration of deferred discharge of indebtedness and deferred original issue discount deductions under section 108(i). 
Agency: Department of the Treasury(TREAS)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: No  Unfunded Mandates: No 
CFR Citation: 26 CFR 1   
Legal Authority: 26 USC 108    26 USC 7805    26 USC 1502   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  08/13/2010  75 FR 49428   
NPRM Comment Period End  11/12/2010    
Final Action  06/00/2011    
Additional Information: REG-142800-09 Drafting attorney: Robert M. Rhyne (202) 622-7790 Reviewing attorneys: Lawrence M. Axelrod (202) 622-7770 Frances L. Kelly (202) 622-7770 CC: CORP
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Related RINs: Related to 1545-BI97 
Agency Contact:
Robert M. Rhyne
Attorney
Department of the Treasury
Internal Revenue Service
1111 Constitution Avenue NW., Room 5426,
Washington, DC 20224
Phone:202 317-6848
Fax:855 561-0923
Email: robert.m.rhyne@irscounsel.treas.gov