Section 193 Debts released after cessation

in calculating the profits of a trade of any period for corporation or income tax purposes, a deduction is allowed for the expense giving rise to a debt owed by the person who carried on the trade,

the person has permanently ceased to carry on the trade at or after the end of that period,

after the cessation, all or part of the debt is released, and

the release is not part of a statutory insolvency arrangement.