ASCPA Member Ed Zollars contributed this story to the ASCPA Blog. To read other posts from Ed and other ASCPA members, please visit our blog
A recent Arizona Court of Appeals case reminds us that a Form 1099C doesn’t necessarily mean the lender is not going to pursue collection—or that, in fact, there has yet been a taxable event. In the case of AmTrust Bank v. Fossett, 1 CA-CV 08-0840, the Arizona Court of Appeals, Division One, held that the issuance of a Form 1099C by a lender in a prior year did not, by itself, establish that the lender had, in fact, cancelled the debt. Continue Reading
