Ezel / IRS Rulings / 201248018

CCA 201248018: Chief Counsel addresses a missed cancellation-of-debt election

Number
201248018
Outcome
Advice
Document type
Chief Counsel Advice
IRS subject
Other
Topics
Income and deductions
Code sections
§ 108, § 9100
Ruling dated
May 15, 2012
Publicly released
November 30, 2012
Source
View Official PDF

Apply this to your situation

This page covers legal advice the IRS Office of Chief Counsel wrote for IRS staff, issued in 2012, which can't be cited as precedent. Ask about your situation and see what the current Code and IRS guidance say, with citations.

Currency note: this determination was released in 2012
Statutory amendments, regulation changes, court decisions, or later IRS guidance may have changed the analysis since then. Treat this page as historical context, not current tax advice. Verify current law before relying on any specific rule, threshold, or position mentioned here.
Not precedent. Under 26 U.S.C. § 6110(k)(3), this written determination may not be used or cited as precedent. It is advice from the IRS Office of Chief Counsel to IRS personnel on the facts they presented, and identifying details were redacted by the IRS before release. The official IRS release (linked on this page as a PDF) is the authoritative source.
About this page: The plain-English summary and ruling snapshot below were written by Ezel based on the official IRS release. The full text is the IRS's own document.
View official IRS release (PDF)

Plain-English summary

Chief Counsel advised that a taxpayer generally must make the election required to use the cancellation-of-debt income deferral provision under Revenue Procedure 2009-37. If the taxpayer misses the election, the deferral provision generally cannot be used, although relief under the section 9100 regulations might be available.

Ruling snapshot

  • Question: Could a taxpayer use the cancellation-of-debt deferral provision after failing to make the required election?
  • Outcome: Advice
  • Key authorities: IRC § 108; Rev. Proc. 2009-37, §§ 2.04, 2.12, and 7; Treas. Reg. § 1.9100

Full text (IRS public release)

ID: CCA-515254-12 Number: 201248018
Release Date: 11/30/2012
Office: ----------------------------
UILC: 108.08-00

From: ------------------
Sent: Tuesday, May 15, 2012 2:54 PM
To: ---------------------
Cc: -----------------------------
Subject: RE: Question re: no election filed for COD

Take a look at Rev. Proc 2009-37. TP must make an election. See section 2.04 and section 2.12, which provides for an extension of time to make the election. See also § 7 – transition rule. In general, if a tp fails to make the election they can’t use the deferral provision. There might be relief under § 1.9100 of the regs.

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