Goto Section: 1.1942 | 1.1951 | Table of Contents
Revised as of September 1, 2021
Goto Year:2020 |
§ 1.1950 Reporting discharged debts to the Internal Revenue Service.
(a) In accordance with applicable provisions of the Internal Revenue
Code and implementing regulations (26 U.S.C. 6050P; 26 CFR 1.6050P-1),
when the Commission discharges a debt for less than the full value of
the indebtedness, it will report the outstanding balance discharged,
not including interest, to the Internal Revenue Service, using IRS Form
1099-C or any other form prescribed by the Service, when:
(1) The principle amount of the debt not in dispute is $600 or more;
(2) The obligation has not been discharged in a bankruptcy proceeding;
(3) The obligation is no longer collectible either because the time
limit in the applicable statute for enforcing collection expired during
the tax year, or because during the year a formal compromise agreement
was reached in which the debtor was legally discharged of all or a
portion of the obligation.
(b) The Treasury will prepare the Form 1099-C for those debts
transferred to Treasury for collection and deemed uncollectible.
Goto Section: 1.1942 | 1.1951
Goto Year: 2020 |
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