47 C.F.R. § 1.1950 Reporting discharged debts to the Internal Revenue Service.
Title 47 - Telecommunication
(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: Telecommunication
PART 1—PRACTICE AND PROCEDURE
Subpart O—Collection of Claims Owed the United States
Cooperation With the Internal Revenue Service
§ 1.1950 Reporting discharged debts to the Internal Revenue Service.
