Noun. 1. ethnic minority-a group that has different national or cultural traditions from the majority of the population. ethnic group, ethnos-people of the same race or nationality who share a distinctive culture.Arab-Berbers, Berbers-an ethnic minority descended from Berbers and Arabs and living in northern Africa.thnic group, ethnos-people of the same race or nationality who share a distinctive culture. Arab-Berbers, Berbers-an ethnic minority descended from Berbers and Arabs and living in northern Africa.
07, 2014 Page 46 of 53 www.revenue.state.pa.us 6. Section 108(b)(5) provides that a taxpayer having cancellation of indebtedness income resulting from tax attribute reduction under Section 108(b)(1) may elect under Section 1017, to reduce the depreciable basis of its assets before reducing other tax attributes.
One thing to be aware of is that you may have to pay taxes on whatever amount of debt is forgiven, cancelled, or discharged during the debt collection negotiation process. This is called a Cancellation of Debt and may prompt a Form 1099-C at the end of the year, which will likely be sent from the debt collection agency. The cancelled amount must be reported as gross income unless you meet an exclusion or exception. This is something to discuss with a tax professional or accountant. Keep the Debt From Haunting You