Sorry for the brevity of my answer, this seemed like it could be homework to me so I gave a vary vague answer. Considering that this seems like a real question now let me see if I can find the absolute right answer for you.
Okay well I know for sure that from a GAAP prospective yes this is a type of gain. You bought something (asset) on a loan (liability) and out of the goodness of the banks heart for some reason they decided to reduce your liability. You gave nothing up for this and provided no services for this so it has to be a gain. It is an extraordinary gain because it is not normal in your business practice.
Okay taxable? I don't feel fully qualified here so don't take is as any legal advice but my gut say yes this is most likely taxable income. The bank is going to be able to claim a deduction for the forgiveness (write-off) and Uncle Sam doesn't like it when one party to a transaction can take a deduction without the other claiming income. Furthermore this seems backed up by this:
Tax Law (Questions About Taxes): Loan forgiveness, form 1040 schedule c, loan disbursements
However, I recommend you call your tax professional or get one if you do not have one and get a professional opinion. Accounting these days is so complex that you cannot be an expert in all areas and I am not a tax expert.