Compounding the confusion is that some taxpayers have received a form 1099-C, others a form 1099-A, while others have received notices from the IRS concerning the failure to include cancellation of debt income in a prior year's tax return.
What does CODI stand for?
CODI stands for Cancellation of Debt Income (US IRS)
This definition appears frequently and is found in the following Acronym Finder categories:
- Military and Government
- Business, finance, etc.
See other definitions of CODI
We have 14 other meanings of CODI in our Acronym Attic
- Comité d'Experts sur le Terrorisme (French)
- Clan of Destructive Forces (online gaming)
- Commander, Operation Deep Freeze
- Crystallite Orientation Distribution Function
- Coded Orthoganal Digital Frequency Modulation
- Claudio Ortiz Design Group, Inc. (est. 2000; California)
- Conventional Open Distal Gastrectomy
- Comisión de Derechos Humanos Alto Huallaga (Spanish: Upper Huallaga Human Rights Commission; Peru)
- Comité des Observateurs des Droits de l'Homme (French: Committee of Observers of Human Rights; Democratic Republic of Congo)
- Controversies in Obesity, Diabetes and Hypertension
- Certificate of Deposit Index
- Committee on Development Information
- Consortium Omscholing Docenten Informatica (The Netherlands)
- Cornucopia Of Disability Information
- Cost of Deposit Index (mortgage adjustment index)
- Customers of Dynix, Inc. (user group)
- Cooperative Distributed Interactive Atmospheric Catalog
- Concurrent Development, Integration, and Application of Knowledge
- Complex Documents Indexing by Content Exploitation (archive project)
- Center on Deafness - Inland Empire (Riverside, CA)
Samples in periodicals archive:
If the person whose debt is discharged is not an employee of the applicable entity, but the debt discharge is nonetheless compensation for services, the compensation should be reported on a Form 1099-MISC, Miscellaneous Income (because under these circumstances, it is compensation, not cancellation of debt income; cancellation of debt income should not be reported on Form 1099-MISC.
Chapters cover the bankruptcy estate, payment of trust fund taxes, bankruptcy court proceedings, discharge of taxes, consequences of cancellation of debt income, partnerships and S corporations, and corporate reorganization under the bankruptcy code.
Although there are no escaping tax laws on the gain from a short sale, the good news is recent changes to tax codes allow borrowers to exclude cancellation of debt income from personal income taxes on recourse loans.
These timing rules will result in the deferred cancellation of debt income being recognized over five taxable years beginning with 2014.
Too much debt yields cancellation of debt income under Treas.
The election provided in the American Recovery and Reinvestment Act of 2009 (ARRA) to defer until 2014 and spread over five years cancellation of debt income (CODI) has been touted as an attractive relief option for taxpayers struggling with cash flow problems.