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 09-May-2017 04:29

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

  • 2017-05-18; vol. 82 # 95 - Thursday, May 18, 2017
    1. 82 FR 22742 - Promoting Technological Solutions To Combat Contraband Wireless Device Use in Correctional Facilities
      GPO FDSys XML | Text
      FEDERAL COMMUNICATIONS COMMISSION
      Final rule.
      Effective June 19, 2017, with the exception of: (1) §§ 1.9020(d)(8), 1.9030(d)(8), 1.9035(d)(4), and 20.18(a), which contain information collection requirements that require approval by the Office of Management and Budget (OMB), and which the Commission will announce by publishing a document in the Federal Register ; and (2) §§ 1.9020(n), 1.9030(m), 1.9035(o), 20.18(r), and 20.23(a), which require approval by OMB under the Paperwork Reduction Act (PRA), and which the Commission will announce by publishing a document in the Federal Register .
      47 CFR Parts 1 and 20

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