; and (B) in the case of a borrower of loans that have the same applicable rates of interest, first toward the outstanding balance of principal due on the loan with the highest principal balance among such loans. (4) Data to implement Contractors of the Secretary, and holders of Federal student loans , shall report, to the satisfaction of the Secretary the information necessary to carry out this subsection. (5) Taxation For purposes of the Internal Revenue Code of 1986, in the case of any cancellation or repayment of indebtedness under this subsection with respect to any borrower: (A) Exclusion from gross income No amount shall be included in the gross income of such borrower by reason of such cancellation or repayment. (B) Waiver of information reporting requirements Amounts excluded from gross income under subparagraph (A) shall not be required to be reported (and shall not be taken into account in determining whether any reporting requirement applies) under chapter 61 of such Code. . 150118. Implementation Section 3513 of division A of the Coronavirus Aid, Relief, and Economic Security Act ( Public Law 116–136 ), as amended by this part, is further amended by adding at the end the following: (i) Implementation (1) Information verification (A) In general To facilitate implementation of this section, information for the purposes described in subparagraph (B), shall be reported— (i) by the holders of Federal student loans defined in section 3502(a)(2)(B) to the satisfaction of the Secretary; and (ii) by the holders of Federal student loans defined in section 3502(a)(2)(C) to the satisfaction of the Secretary of Health and Human Services. (B) Purposes The purposes of the information reported under subparagraph (A) are to— (i) verify, at the borrower level, the payments that are provided or suspended under this section