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5796Re: [tips_and_tricks] 1099 form from Credit Card negotiated settlement

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  • jm367@bellsouth.net
    May 14, 2004
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      This is a revenue concept straight out of the UCC in which anticipating the indebtedness is a benefit.  Very abstract.  Like derivatives and Enron's profits.
      ----- Original Message -----
      Sent: Thursday, May 13, 2004 1:59 PM
      Subject: [tips_and_tricks] 1099 form from Credit Card negotiated settlement

      We 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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