IRS form has enough heft to end claim

Trial Notebook

By Steven P. Garmisa

Hoey & Farina

Posted November 30, 2015 2:50 PM

Financial institutions have to file Form 1099-C with the Internal Revenue Service when they discharge a debt of more than $600.The question of first impression for the Illinois Appellate Court — in a case where a bank sued to collect on a loan seven years after filing a “cancellation of debt” form with the IRS — was figuring out the legal significance of the 1099-C.Reynolds State Bank in Rock Island County sued James Hofer’s estate in 2011 on a September 2004 loan — although the bank …

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