Cancellation of Debt $($COD$)$ income for an S Corporation:

A$.$ Flows to shareholder if income is excluded by the S corporation

B$.$ Is recognized as income to an S Corporation regardless of the extent of corporate insolvency

C$.$ Is not excluded from gross income to the S Corporation when granted in Chapter $11$ reorganizations

D$.$ Gives rise to income which flows to shareholders if the income is not excluded by the S Corporation