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Alerts / 24 February 2016

How IRS Form 982 Can Aid Financial Institutions with Debtor Settlements

For any financial institution seeking to negotiate with one of its debtors over a lump-sum settlement of the debtor's delinquent, unsecured debt,(1) one potential roadblock is IRS Form 1099-C. This form reports the amount of a debtor's debt that is forgiven or canceled, and although a debtor is unlikely to want any suc
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