P.R. Laws tit. 13, § 31095
2019-02-20 00:00:00+00
The value of debts discharged in whole or in part by the creditor (who shall be the donor) in favor of the debtor (who shall be the person receiving the gift) shall be included in the total sum of the gifts, insofar as there is no sufficient consideration in money or its equivalent, and insofar as such debt discharge does not constitute taxable income for purposes of §§ 30041 et seq. of this title. The cancelling of debts that are actually bad debts shall not be deemed to be a gift for purposes of this chapter.
History —Jan. 31, 2011, No. 1, § 2042.05, retroactive to Jan. 1, 2011.