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imprisonment. For details see: Title 18 U.S. Code
Section 1001 and Section 1010.
* * * * * * *
SUBSTITUTE FORM 1099 SELLER STATEMENT: The information
contained herein is important tax information and is
being furnished to the Internal Revenue Service. If
you are required to file a return, a negligence penalty
or other sanction will be imposed on you if this item
is required to be reported and the IRS determines that
it has not been reported. The Contract Sales Price
described on line 401 above constitutes the Gross Pro-
ceeds of this transaction.
SELLER INSTRUCTIONS: If this real estate was your
principal residence, file Form 2119, Sale or Exchange
of Principal Residence, for any gain, with your income
tax return; for other transactions, complete the appli-
cable parts of Form 4797, Form 6252 and/or Schedule D
(Form 1040).
A settlement agent for the June 14, 2000 transaction issued
Form 1099-S, which reported that transaction as a sale at a gross
sales price of $225,000.
As reflected in the terms of the $180,000 F&M Bank 2000 loan
and the June 14, 2000 deed of trust, the $180,000 F&M Bank 2000
loan was due and payable in full on July 1, 2003. In order to
repay that loan, Edward O’Malley and Mr. O’Malley agreed that
Edward O’Malley was to refinance it, which he did around July 1,
2003 (refinanced F&M Bank 2000 loan). The refinanced F&M Bank
2000 loan was secured by lot 12, was due and payable in full on a
date not disclosed by the record in August 2006, and bore an
interest rate that was lower than the interest rate on the
$180,000 F&M Bank 2000 loan. Because the refinanced F&M Bank
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Last modified: November 10, 2007