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Discuss the applicability of Code Section 108 to partnerships versus S corporations. There is a major difference in treatment. What is the difference, and why

Discuss the applicability of Code Section 108 to partnerships versus S corporations. There is a major difference in treatment. What is the difference, and why is the difference? What is the practical effect of the different treatments as provided for in Section 108? Try to give a practical example of where the business has a debt forgiven, in which therell be a very different result to the S corporation shareholder versus a partner.

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