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.
The lender is usually required to report the amount of the canceled debt to you and the IRS on a Form 1099-C, Cancellation of Debt. Hereâs a very simplified example. You borrow $10,000 and default on the loan after paying back $2,000.If the lender is unable to collect the remaining debt from you, there is a cancellation of debt of $8,000, which generally is taxable income to you. 2.he lender is usually required to report the amount of the canceled debt to you and the IRS on a Form 1099-C, Cancellation of Debt. Hereâs a very simplified example. You borrow $10,000 and default on the loan after paying back $2,000.