- 13 - 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].Page: Previous 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 NextLast modified: November 10, 2007