Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Your total net forgiven amount for the * forgiveness income year is the total of the * net forgiven amounts of all your debts that are * forgiven in that year.
Note 1: The total net forgiven amount may be reduced under section 707 - 415.
Note 2: The total net forgiven amount of a partner in a partnership is affected by section 245 - 215.
(2) Your * total net forgiven amount is applied, in accordance with sections 245 - 115 to 245 - 195, for the * forgiveness income year.