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1099-A

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  • gary
    The question is not whether banks pay taxes or whether anyone can pay anything with FRNs or other debt instruments. Banks DO file tax returns and the
    Message 1 of 11 , Feb 28, 2004
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      The question is not whether banks "pay" taxes or whether anyone can "pay"
      anything with FRNs or other debt instruments. Banks DO file tax returns and
      the question here is, do they ever take a deduction for alleged losses on
      defaulted credit cards?

      Gary

      Gary wrote:

      It just means they have taken the alleged debt out of the category of a
      delinquent credit card and it is now a closed account in collections. No
      one has ever been able to prove whether or not they take a deduction on
      their taxes for the "alleged" loss.

      Nilbux replied:
      No one can prove that any bank pays taxes. What would they pay taxes with?
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