Assertion: debt instrument's term | /r/HasProperty | modified
Facets:
value: to defer one or more payments
type: PURPOSE
value: under section
type: LOCATION
Source sentences:
text: In addition, Sec. 475, which addresses the mark-to-market accounting method rules, defines a dealer in securities as a taxpayer who “regularly purchases securities from or sells securities to customers in the ordinary course of a trade or business.”When a taxpayer purchases a note at a discount, the terms of the note may be modified, in which case it is necessary to determine whether the modification constitutes a taxable event.
text: If the terms of a debt instrument are modified to defer one or more payments, and the modification does not cause an exchange under section 1001, then, solely for purposes of sections 1272 and 1273, the debt instrument is treated as retired and then reissued on the date of the modification for an amount equal to the instrument's adjusted issue price on that date.