- 3 -
attempt to distinguish Nelson, but instead contend that Nelson
was decided incorrectly. This case is indistinguishable from
Nelson, and we need not reiterate our analysis. Accordingly, we
hold that the discharge of indebtedness income does not increase
Mr. Eberle's stock basis.
Contentions we have not addressed are irrelevant, moot, or
meritless.
To reflect the foregoing,
Decision will be entered
under Rule 155.
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Last modified: May 25, 2011