§1018.80. Reporting discharged debts to the Internal Revenue Service.
49 C.F.R. § 1018.80
When the Board 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-G or any other form prescribed by the IRS, when:
The principal amount of the debt not in dispute is $600 or more;
The obligation has not been discharged in a bankruptcy proceeding; and
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 tax year a formal compromise agreement was reached in which the debtor was legally discharged of all or a portion of the obligation.
Notes, amendments, and revision history
Authority
Authority: 31 U.S.C. 3701, 31 U.S.C. 3711 et seq., 49 U.S.C. 1321, 31 CFR parts 900-904.
Source
Source: 58 FR 7749, Feb. 9, 1993, unless otherwise noted.