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loan forgiveness and Haig-Simons income. If you borrow money from somebody and she tells you that you don't have to pay it back, the loan

loan forgiveness and Haig-Simons income. If you borrow money from somebody and she tells you that you don't have to pay it back, the loan is said to be "forgiven." A 2007 law made the mortgage debt forgiven by a lender excludable from a borrower's taxable income. Evaluate this law in light of the Haig-Simons criterion.

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