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There are exceptions to this rule--for example, if you
are insolvent or have declared bankruptcy.
Upon receipt of the Forms 1099-G, petitioner contacted her
bankruptcy attorney, who advised her to disregard the Forms 1099-
G because petitioner had previously been granted a discharge in
bankruptcy in September 1986. Petitioner accepted her bankruptcy
attorney's advice and did not, at that time, pursue the matter
any further.
Petitioner did not file a Federal income tax return for the
taxable year 1993 because her income for that year did not exceed
the filing threshold. See sec. 6012(a)(1).
Information returns (i.e., Forms 1099-G) reporting the
receipt of discharge-of-indebtedness income by petitioner for the
taxable year 1993 were filed with respondent (the information
returns). Data from the information returns, as compiled by
respondent, revealed the following:
Payor Payor's EIN Payee Amount
(1) Stockmen's Bk & Eifert's
Tr Co. c/o FDIC1 83-0199850 Fashions/Shoes $251,203
(2) Stockmen's Bk & Eifert's
Tr Co. c/o FDIC 83-0199850 Fashions/Shoes 251,203
Eifert's
(3) FDIC 75-2193552 Fashions/Shoes 251,203
(4) FDIC 75-2193552 Petitioner 251,203
1 The record does not disclose what relationship, if
any, Stockmen's Bank and Trust Co. may have had to
Moncor Bank.
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