Couple who took Swiss franc mortgage in 2008 questions tax liability after bank forgiveness.
Mortgage Background
A taxpayer, along with his spouse, secured a mortgage in 2008 that was indexed to the Swiss franc. The funds from this mortgage were utilized for various purposes, including the acquisition of a building plot and the repayment of a prior residential loan.
Property Development
The couple proceeded with constructing their home on the purchased plot. Following the construction, they relocated to an apartment, completing their property development project.
