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settle an account

    0.01 sec.
See: quit, repay


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When a creditor agrees to settle an account for less than the full balance, they are required by the IRS to report the canceled debt on Form 1099, if the amount of the forgiven debt is $600 or greater.
The Malton-based trainer, who has 20 two-year-olds in training, had been forced to enter the group to settle an account with the sales company after one of his principal patrons said he had run into financial difficulty.
When creditors agree to settle an account for less than what is actually owed, they are required by the IRS to report any forgiven debt over the amount of $600 on Form 1099.
 
 
 
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