- 5 - Associates $1,000 as settlement proceeds in exchange for this release. Petitioner argues that he did not own the Bobcat. However, he presented no corroborating evidence of his testimony to this effect, and he did not call either his father or his friend as a witness. We decline to accept petitioner’s uncorroborated, self- serving testimony in light of both the Form 1099-A and the financing statement showing petitioner as debtor. Accordingly, we find that petitioner was indebted in the amount of $18,581 at the time of the repossession in 1995. On the other hand, we accept petitioner’s testimony that he paid Associates an additional $1,000 as settlement proceeds because corroborating references to the receipt of the settlement proceeds were made both in the release and in a letter from counsel for Associates. Respondent determined that petitioner received the DOI income in 1995. Debt is considered discharged the moment it is clear that it will not be repaid. See Cozzi v. Commissioner, 88 T.C. 435 (1987). Determining when this moment occurs requires an assessment of the facts and circumstances surrounding the likelihood of repayment. See id. “Any ‘identifiable event’ which fixes the loss with certainty may be taken into consideration.” Id. at 445. Respondent based his determination on the Form 1099-A issued to petitioner. The Court takes judicial notice of the document “Instructions for Forms 1099,Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Next
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