IRS clarifies rule on taxing forgiven loans

Legal profession part of rule to not claim loans.

, The National Law Journal

Law schools that were concerned their students might have to pay taxes on loans that are forgiven got some reassurance from the Internal Revenue Service last month that students don't have to claim the erased loans as income. The IRS clarified that a law school graduate can work for a public interest or community service organization, a legal aid office or clinic, a prosecutor's office, a public defender's office or another local, state or federal government office and qualify for avoiding taxes on the loan write-off.

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