47 CFR 1.1950 - Reporting discharged debts to the Internal Revenue Service.

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§ 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.

Title 47 published on 2013-10-01

The following are only the Rules published in the Federal Register after the published date of Title 47.

For a complete list of all Rules, Proposed Rules, and Notices view the Rulemaking tab.

  • 2014-09-11; vol. 79 # 176 - Thursday, September 11, 2014
    1. 79 FR 54190 - Assessment and Collection of Regulatory Fees for Fiscal Year 2014
      GPO FDSys XML | Text
      FEDERAL COMMUNICATIONS COMMISSION
      Final rule.
      Effective September 11, 2014. To avoid penalties and interest, regulatory fees should be paid by the due date of September 23, 2014.
      47 CFR Part 1

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United States Code

Title 47 published on 2013-10-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 47 CFR 1 after this date.

  • 2014-09-11; vol. 79 # 176 - Thursday, September 11, 2014
    1. 79 FR 54190 - Assessment and Collection of Regulatory Fees for Fiscal Year 2014
      GPO FDSys XML | Text
      FEDERAL COMMUNICATIONS COMMISSION
      Final rule.
      Effective September 11, 2014. To avoid penalties and interest, regulatory fees should be paid by the due date of September 23, 2014.
      47 CFR Part 1