I received Form 480.6A, but I understand that the debt discharge reported should be exempt by reason of insolvency.

As a general rule, a debt discharge is considered taxable income for the debtor, however, certain exceptions apply, including debtor’s insolvency if the requirements established for in the Puerto Rico Internal Revenue Code are complied with, which compliance depends on your particular situation. For this reason, you should consult this matter with your tax consultant or directly with the Puerto Rico Department of Treasury in order to determine whether or not the discharged amount reported by the Bank in Form 480.6A may be excluded as taxable income based on the insolvency exception.

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