Skip to main content

View Diary: Rolling Jubilee Hits $8,000,000 in Medical Debt to be Retired Uncollected. MORE UPDATES! (279 comments)

Comment Preferences

  •  JW, what Reg is that (2+ / 0-)
    Recommended by:
    johnny wurster, VClib

    Does it exempt them from having to file the 1099 c even if it were COI income?  

    •  Hi Elaine -- (3+ / 0-)
      Recommended by:
      jpmassar, VClib, ElaineinIN

      26 cfr 1.6050p-2, limiting reporting to entities that are in the "significant trade or business" of lending money, and defining STOB to mean activity that generates less than $5MM or 15% of revenue.

      They assert they don't have income, of course,  but query if they actually do, whether OID or imputed income from forgiven interest.  Although even if they do, they won't hit that $5MM threshold, but I'm not so sure their bald assertion that, because they don't collect anything they don't have income, is correct.

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site