Goto Section: 1.1942 | 1.1951 | Table of Contents
FCC 1.1950
Revised as of October 2, 2015
Goto Year:2014 |
2016
§ 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; and
(2) The obligation has not been discharged in a bankruptcy proceeding; and
(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.
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Goto Section: 1.1942 | 1.1951
Goto Year: 2014 |
2016
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