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Not For Profit/Exempt Organizations Blog

The Tax Consequences of John Oliver’s $15 Million Medical Debt Forgiveness

Posted in IRS

Our colleagues over at our Tax Talks blog covered Proskauer’s recent work in connection with the widely-publicized forgiveness of nearly $15 million in medical debt by John Oliver on his June 5th show.

It was our pro bono representation of RIP Medical Debt, a Section 501(c)(3) charity that provides charitable aid by purchasing and forgiving the medical debt of people in poverty, that ensured that the debt forgiveness was given as a gift, and therefore, did not cause the debtors to recognize the cancellation of debt income for federal income tax purposes.

Please see the full blog post here.