The owner of a thinly capitalized company decides to forgive debt owed to him by his company. He asks if the company can recognize a gain on forgiveness as income. Currently, APB Opinion No. 26, Early Extinguishment of Debt, indicates that such a gain may be, in essence, a capital transaction.
The guidance resided in paragraph 20 of APB Opinion No. 26.

REQUIRED:
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Copy and paste the paragraph in the current codification that states the guidance on recognizing this gain.
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