U.S. Code » Title 26 » Subtitle Subtitle F— Procedure and Administration › Chapter CHAPTER 61— INFORMATION AND RETURNS › Subchapter Subchapter A— Returns and Records › Part PART III— INFORMATION RETURNS › Subpart Subpart B— Information Concerning Transactions With Other Persons

26 U.S.C. § 6050P

Returns relating to the cancellation of indebtedness by certain entities

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(a) In generalAny applicable entity which discharges (in whole or in part) the indebtedness of any person during any calendar year shall make a return (at such time and in such form as the Secretary may by regulations prescribe) setting forth—(1) the name, address, and TIN of each person whose indebtedness was discharged during such calendar year,(2) the date of the discharge and the amount of the indebtedness discharged, and(3) such other information as the Secretary may prescribe.(b) Exception

Subsection (a) shall not apply to any discharge of less than $600.

(c) Definitions and special rulesFor purposes of this section—(1) Applicable entityThe term “applicable entity” means—(A) an executive, judicial, or legislative agency (as defined in section 3701(a)(4) of title 31, United States Code), and(B) an applicable financial entity.(2) Applicable financial entityThe term “applicable financial entity” means—(A) any financial institution described in section 581 or 591(a) and any credit union,(B) the Federal Deposit Insurance Corporation, the Resolution Trust Corporation, the National Credit Union Administration, and any other Federal executive agency (as defined in section 6050M), and any successor or subunit of any of the foregoing,(C) any other corporation which is a direct or indirect subsidiary of an entity referred to in subparagraph (A) but only if, by virtue of being affiliated with such entity, such other corporation is subject to supervision and examination by a Federal or State agency which regulates entities referred to in subparagraph (A), and(D) any organization a significant trade or business of which is the lending of money.(3) Governmental units

In the case of an entity described in paragraph (1)(A) or (2)(B), any return under this section shall be made by the officer or employee appropriately designated for the purpose of making such return.

(d) Statements to be furnished to persons with respect to whom information is required to be furnishedEvery applicable entity required to make a return under subsection (a) shall furnish to each person whose name is required to be set forth in such return a written statement showing—(1) the name and address of the entity required to make such return, and(2) the information required to be shown on the return with respect to such person.The written statement required under the preceding sentence shall be furnished to the person on or before January 31 of the year following the calendar year for which the return under subsection (a) was made.(e) Alternative procedure

In lieu of making a return required under subsection (a), an agency described in subsection (c)(1)(A) may submit to the Secretary (at such time and in such form as the Secretary may by regulations prescribe) information sufficient for the Secretary to complete such a return on behalf of such agency. Upon receipt of such information, the Secretary shall complete such return and provide a copy of such return to such agency.

(Added Pub. L. 103–66, title XIII, § 13252(a), Aug. 10, 1993, 107 Stat. 531; amended Pub. L. 104–134, title III, § 31001(m)(2)(A)–(D)(ii), Apr. 26, 1996, 110 Stat. 1321–368, 1321–369; Pub. L. 106–170, title V, § 533(a), Dec. 17, 1999, 113 Stat. 1931.)Editorial NotesAmendments

1999—Subsec. (c)(2)(D). Pub. L. 106–170 added subpar. (D).

1996—Pub. L. 104–134, § 31001(m)(2)(D)(ii), amended section catchline generally, striking out “financial” before “entities”.

Subsec. (a). Pub. L. 104–134, § 31001(m)(2)(A), struck out “financial” before “entity” in introductory provisions.

Subsec. (c). Pub. L. 104–134, § 31001(m)(2)(B), added par. (1), redesignated former par. (1) as (2), and redesignated former par. (2) as (3) and substituted “(1)(A) or (2)(B)” for “(1)(B)”.

Subsec. (d). Pub. L. 104–134, § 31001(m)(2)(D)(i), struck out “financial” before “entity” in introductory provisions.

Subsec. (e). Pub. L. 104–134, § 31001(m)(2)(C), added subsec. (e).

Statutory Notes and Related SubsidiariesEffective Date of 1999 Amendment

Pub. L. 106–170, title V, § 533(b), Dec. 17, 1999, 113 Stat. 1931, provided that: “The amendment made by subsection (a) [amending this section] shall apply to discharges of indebtedness after December 31, 1999.”

Effective Date

Pub. L. 103–66, title XIII, § 13252(d), Aug. 10, 1993, 107 Stat. 532, provided that:“(1)In general.—Except as provided in paragraph (2), the amendments made by this section [enacting this section and amending section 6724 of this title] shall apply to discharges of indebtedness after December 31, 1993.“(2)Governmental entities.—In the case of an entity referred to in section 6050P(c)(1)(B) of the Internal Revenue Code of 1986 (as added by this section), the amendments made by this section shall apply to discharges of indebtedness after the date of the enactment of this Act [Aug. 10, 1993].”

Notes of Decisions
Cited in 45 cases (12 in the last 5 years), 2001–2026 · leading case: Debt Buyers'ass'n. v. Snow, 481 F. Supp. 2d 1 (D.D.C. 2006).
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Debt Buyers'ass'n. v. Snow, 481 F. Supp. 2d 1 (D.D.C. 2006). · cites it 9× “6050P-2(e) based on Plaintiffs reading of the legislative history of 26 U.S.C. § 6050P, its interpretation of the statute itself, and “the IRS’ own historical interpretation” of the statute.”
Fed. Deposit Ins. Corp. v. Avery Cashion, III, 720 F.3d 169 (4th Cir. 2013). · cites it 2× “must file an information return on Form 1099-C with the Internal Revenue Service.”
In re Reed, 492 B.R. 261 (Bankr. E.D. Tenn. 2013). · cites it 5× “The relevant section of the Internal Revenue Code is 26 U.S.C. § 6050P, entitled “Returns relating to the cancellation of indebtedness by certain entities,” which provides: (a) In general.”
Verdini, A. v. First Nat'l Bank of Pennsylvania, 135 A.3d 616 (Pa. Super. Ct. 2016). · cites it 4× “This claim requires us to consider whether the trial *621 court properly interpreted the language contained in the Internal Revenue Code tax statute, 26 U.S.C.A. § 6050P(a). We conclude that it did.”
Tammy Smith v. Weltman, Weinberg & Reis Compa, 896 F.3d 762 (7th Cir. 2018). · cites it 2× “26 U.S.C. § 6050P(a). No obligation to report exists if the principal debt forgiven falls below $600.”
Bononi Ex Rel. Bankr. Est. of Zilka v. Bayer Employees Fed. Credit Union (In Re Zilka), 407 B.R. 684 (Bankr. W.D. Pa. 2009). · cites it 3× “26 U.S.C. § 6050P(a) provides, in pertinent part, that “[a]ny applicable entity which discharges .”
Mabel Heredia v. Capital Mgmt. Servs., L, 942 F.3d 811 (7th Cir. 2019). “6050P-1(a) & (d)(2)–(3); 26 U.S.C. § 6050P. The creditor knows for certain whether it is offering to forgive more or less than $600 in principal.”
Moses v. LTD Fin. Servs. I, Inc., 275 F. Supp. 3d 893 (N.D. Ill. 2017). · cites it 2× “See 26 U.S.C. § 6050P; 26 C.F.R. § 1 .6050P-1(a).”
Franklin Credit Mgmt. Corp. v. Nicholas, 812 A.2d 51 (Conn. App. Ct. 2002). “…In construing General Statutes § 42a-l-201, we note that intent refers to the act of authenticating the writing. See 26 U.S.C. § 6050P.”
Iowa Supreme Court Attorney Disciplinary Bd. v. Powell, 726 N.W.2d 397 (Iowa 2007). “26 U.S.C. § 6050P(a) (1999). The only definition of an applicable entity that could apply to Powell is an organization whose significant trade or business is in the lending of money.”
Balon v. Enhanced Recovery Co., 190 F. Supp. 3d 385 (M.D. Penn. 2016). · cites it 2× “Defendant identifies 26 U.S.C. § 6050P, “which codified the law requiring 1099-C fillings in the Internal Revenue Code,” as the relevant statute.”
Amtrust Bank v. Fossett, 224 P.3d 935 (Ariz. Ct. App. 2009). “” 26 U.S.C. § 6050P(a) (2002). The information return the lender must file with the IRS in that event is a Form 1099-C.”
Show all 45 citing cases →
— 26 U.S.C. § 6050P(a) — 20 cases
Verdini, A. v. First Nat'l Bank of Pennsylvania, 135 A.3d 616 (Pa. Super. Ct. 2016). “This claim requires us to consider whether the trial *621 court properly interpreted the language contained in the Internal Revenue Code tax statute, 26 U.S.C.A. § 6050P(a). We conclude that it did.”
Tammy Smith v. Weltman, Weinberg & Reis Compa, 896 F.3d 762 (7th Cir. 2018). “26 U.S.C. § 6050P(a). No obligation to report exists if the principal debt forgiven falls below $600.”
Debt Buyers'ass'n. v. Snow, 481 F. Supp. 2d 1 (D.D.C. 2006). “6050P-2(e) based on Plaintiffs reading of the legislative history of 26 U.S.C. § 6050P, its interpretation of the statute itself, and “the IRS’ own historical interpretation” of the statute.”
Iowa Supreme Court Attorney Disciplinary Bd. v. Powell, 726 N.W.2d 397 (Iowa 2007). “26 U.S.C. § 6050P(a) (1999). The only definition of an applicable entity that could apply to Powell is an organization whose significant trade or business is in the lending of money.”
Bononi Ex Rel. Bankr. Est. of Zilka v. Bayer Employees Fed. Credit Union (In Re Zilka), 407 B.R. 684 (Bankr. W.D. Pa. 2009). “26 U.S.C. § 6050P(a) provides, in pertinent part, that “[a]ny applicable entity which discharges .”
— 26 U.S.C. § 6050P(a)(1) — 1 case
Verdini, A. v. First Nat'l Bank of Pennsylvania, 135 A.3d 616 (Pa. Super. Ct. 2016). “This claim requires us to consider whether the trial *621 court properly interpreted the language contained in the Internal Revenue Code tax statute, 26 U.S.C.A. § 6050P(a). We conclude that it did.”
— 26 U.S.C. § 6050P(a)(l) — 2 cases
Bononi Ex Rel. Bankr. Est. of Zilka v. Bayer Employees Fed. Credit Union (In Re Zilka), 407 B.R. 684 (Bankr. W.D. Pa. 2009). “26 U.S.C. § 6050P(a) provides, in pertinent part, that “[a]ny applicable entity which discharges .”
Kelly v. Wolpoff & Abramson, L.L.P., 634 F. Supp. 2d 1202 (D. Colo. 2008).
— 26 U.S.C. § 6050P(b) — 7 cases
Tammy Smith v. Weltman, Weinberg & Reis Compa, 896 F.3d 762 (7th Cir. 2018). “26 U.S.C. § 6050P(a). No obligation to report exists if the principal debt forgiven falls below $600.”
Landes v. Cavalry Portfolio Servs., LLC, 774 F. Supp. 2d 800 (E.D. Va. 2011).
Tammy Smith v. Weltman, Weinberg & Reis Compa (7th Cir. 2018).
Amy Dunbar v. Kohn Law Firm, S.C. (7th Cir. 2018).
Amy Dunbar v. Kohn Law Firm, S.C. (7th Cir. 2018).
— 26 U.S.C. § 6050P(c) — 2 cases
Cavoto v. Hayes, 634 F.3d 921 (7th Cir. 2011).
Maher v. Northland Grp. Inc (D.N.J. 2019).
— 26 U.S.C. § 6050P(c)(1)(B) — 1 case
Debt Buyers'ass'n. v. Snow, 481 F. Supp. 2d 1 (D.D.C. 2006). “6050P-2(e) based on Plaintiffs reading of the legislative history of 26 U.S.C. § 6050P, its interpretation of the statute itself, and “the IRS’ own historical interpretation” of the statute.”
— 26 U.S.C. § 6050P(c)(2)(D) — 1 case
Debt Buyers'ass'n. v. Snow, 481 F. Supp. 2d 1 (D.D.C. 2006). “6050P-2(e) based on Plaintiffs reading of the legislative history of 26 U.S.C. § 6050P, its interpretation of the statute itself, and “the IRS’ own historical interpretation” of the statute.”
— 26 U.S.C. § 6050P(c)(2)(d) — 1 case
Debt Buyers'ass'n. v. Snow, 481 F. Supp. 2d 1 (D.D.C. 2006). “6050P-2(e) based on Plaintiffs reading of the legislative history of 26 U.S.C. § 6050P, its interpretation of the statute itself, and “the IRS’ own historical interpretation” of the statute.”
— 26 U.S.C. § 6050P(d) — 2 cases
Debt Buyers'ass'n. v. Snow, 481 F. Supp. 2d 1 (D.D.C. 2006). “6050P-2(e) based on Plaintiffs reading of the legislative history of 26 U.S.C. § 6050P, its interpretation of the statute itself, and “the IRS’ own historical interpretation” of the statute.”
Ohai v. PNC Bank Nat'l Ass'n, Inc. (Bankr. N.D. Ga. 2024).
— 26 U.S.C. § 6050P(d)(1) — 2 cases
Verdini, A. v. First Nat'l Bank of Pennsylvania, 135 A.3d 616 (Pa. Super. Ct. 2016). “This claim requires us to consider whether the trial *621 court properly interpreted the language contained in the Internal Revenue Code tax statute, 26 U.S.C.A. § 6050P(a). We conclude that it did.”
Bank of Am., N.A. v. Rolf, 2020 NY Slip Op 06480 (N.Y. App. Div. 2020).
— 26 U.S.C. § 6050P(d)(l) — 1 case
Bononi Ex Rel. Bankr. Est. of Zilka v. Bayer Employees Fed. Credit Union (In Re Zilka), 407 B.R. 684 (Bankr. W.D. Pa. 2009). “26 U.S.C. § 6050P(a) provides, in pertinent part, that “[a]ny applicable entity which discharges .”
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