[Code of Federal Regulations]
[Title 7, Volume 10]
[Revised as of January 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 7CFR1403.19]

[Page 357]
 
                          TITLE 7--AGRICULTURE
 
  CHAPTER XIV--COMMODITY CREDIT CORPORATION, DEPARTMENT OF AGRICULTURE
 
PART 1403_DEBT SETTLEMENT POLICIES AND PROCEDURES--Table of Contents
 
Sec.  1403.19  Reporting discharged debts to IRS.

    (a) In accordance with IRS regulations, CCC may report to IRS as 
discharged debts on IRS Form 1099-G only the amounts specified in 
paragraph (b) of this section.
    (b) The following discharged debts may be reported to IRS:
    (1) The amount of a debt discharged under a compromise agreement 
between CCC and the debtor, except for compromises made due to doubt 
about the Government's ability to prove its case in court for the full 
amount of the debt.
    (2) The amount of a debt discharged by the running of the statutory 
period of limitation for collecting the debt by administrative offset 
specified in 31 U.S.C. 3716.
    (3) The amount of a debt discharged by CCC in accordance with Sec.  
1403.15(b).

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