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$239,000. The deed on record for that property lists petitioner
and Mr. Conner as owners in joint tenancy.
Between 1987 and 1997, the couple experienced a series of
unspecified financial setbacks. In early 1995, they refinanced
their home with a second mortgage in the amount of $264,000, and
a home equity loan in the amount of $66,000. This refinancing
was provided by Corus Bank of Chicago, Illinois. Refinancing,
however, could not resolve the economic quandary that the couple
found themselves in, and so, faced with an impending bankruptcy,
they decided, in 1997, to execute a deed in lieu of foreclosure
to Corus Bank. Despite, or perhaps because of, these measures,
petitioner and Mr. Conner separated in late 1997.
After the deed in lieu of foreclosure was delivered, Corus
Bank filed 2 Forms 1099-C, Cancellation of Debt, reporting that
James and Cindee Conner received income in the amounts of
$260,883.08 for the mortgage and $68,161.59 for the home equity
loan. Corus Bank sent the Forms 1099-C to Mr. Conner at his last
known address in Barrington, Illinois.
On March 3, 2006, Corus Bank sent petitioner a letter
notifying her:
Corus Bank filed a Cancellation of Debt Form 1099-C to
the Internal Revenue Service for the following: Primary
- James Conner, 5011 N Tamarack, Barrington, IL, 60010;
Secondary - Cindee Conner, 5011 N Tamarack, Barrington,
IL, 60010. Date Cancelled: 12/31/1997; Amount Number:
502030; Amount Cancelled: 260,883.08; Account
Number: 9095685429; Debt Description: Foreclosure.
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Last modified: November 10, 2007