On February 17,2009, the American Recovery and Reinvestment Act of 2009 (the “Act”) was enacted. The Act is an approximately $787 billion stimulus package that is aimed at addressing the current economic challenges prevalent in the United States. The Act contains several business tax reduction provisions. The Act permits some taxpayers the ability to elect to defer cancellation-of-debt

The Emergency Economic Stabilization Act of 2008 (the “Stabilization Act”) was signed into law on October 3, 2008 to provide, in part, a rescue plan (or as some have called it, a “bailout”) for the U.S. financial markets. The Stabilization Act created a Troubled Asset Relief Program (“TARP”), under which the Secretary of the Treasury