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WARNING: It is a crime to knowingly make false state-
ments to the United States on this or any other similar
form. Penalties upon conviction can include a fine and
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).
Attached to the December 2, 1999 settlement statement was a
document entitled “ACKNOWLEDGEMENT AND RECEIPT OF SETTLEMENT
STATEMENT”, which petitioners and Kevin O’Malley signed. That
document provided in pertinent part:
We, the undersigned SELLER(S), BUYER(S) and CLOSING
AGENT do hereby acknowledge and agree that:
1. BUYER(S) acknowledge receipt and disbursement on
his behalf of the loan proceeds in full and SELLER(S)
acknowledge payment in full of the proceeds due
SELLER(S) from the settlement, as shown on Line 603.
* * * * * * *
SELLER(S) further acknowledge that receipt of a
copy hereof shall constitute a receipt at closing of
IRS Form 1099-S [Proceeds From Real Estate Transac-
tions].
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Last modified: November 10, 2007