re: #57 Backwoods Sleuth
this is true.
otoh (and dangerman can correct me if I’m wrong), in general, if a debt is canceled, forgiven, or discharged for less than the amount owed, the amount of the canceled debt is taxable.ETA (I hit “post” too soon): IIRC, Thomas’ RV “loan” was forgiven.
yep:
Justice Thomas never repaid luxury RV loan: Senate report
WASHINGTON (CN) — Justice Clarence Thomas had a $267,230 loan forgiven by his wealthy health executive friend, according to a new report by the Senate Finance Committee released Wednesday.
Anthony Welters loaned Thomas the money in 1999 to buy his 40-foot luxury motor coach. By 2008, the loan had been forgiven, but there is no documentation showing Thomas actually paid it off, nor that he reported it as a forgiven debt to the Internal Revenue Service.