1099-C From Out Of The Blue? Don’t Ignore It! Fight It!
The case was complicated by a bankruptcy filing, but they really did not get into that. At any rate, the Tax Court reviewed the eight triggers than can require an entity to send out a 1099-C. Since you are probably not running a bank or something like that, I’m not going to run through them with you. One of the more obvious ones is that the statute of limitations on collection action has expired. Duh! So there should have been a 1099-C issued in 2001. That was when there was an event discharging the debt. All that happened in 2007 was that somebody decided to free up disk space or something which triggered the 1099-C.
Since there was no discharge event in 2007, Ms. Bacon wins. Huzzah!
On Eve Of Testimony In Kent Hovind Trial Son Eric Opens Up To Reporters
Kent Hovind is one of the leading lights in the field of Young Earth Creationism, the notion that there is scientific evidence for a hyper-literal reading of the Book...
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Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.