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.
According to the IRS, if a debt is canceled, forgiven or discharged, you must include the canceled amount in your gross income, and pay taxes on that âincome,â unless you qualify for an exclusion or exception.Creditors who forgive $600 or more are required to file Form 1099-C with the IRS.es, you would have to include $19,999 of the income in your gross income and pay taxes on it. Remember, though you calculate insolvency right before the debt was cancelled so you include the student loan debt as a liability.