57861099 form from Credit Card negotiated settlement
- May 13, 2004We received a letter from the IRS for a proposed amending of our 2002
tax years. The amended action they propose states that a debt was
forgiven and that we should have made an adjustment in our earned
imcome for that year to reflect a $5K more on our earnings. This was
due to, a debt we had negotiated for a reduced amount. How can they
state a debt was forgiven when it was negotiated for a smaller
settlement. How can they say that we enjoyed 5K more income when we
did not receive any monetary value,such as, checks, FRNs etc. Wouldn'
t the negotiated settlement be considered a new contract? Anyone have
something that I can send to the bottom feeding IRS to stop them in
their illegal tracks of trying to coerce this from me?
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