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Identifiable Event Code |
  
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Navigation: Loan Screens > IRS Form 1099-C Screen > 1099-C Entry Fields field group >
Identifiable Event Code
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Identifiable Event Code |
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Entry: User, drop-down list
F/M: Yes
Mnemonic: IRCL01
Screen: Loans > IRS Form 1099-C screen
Use this field to indicate an event code pertaining to your institution canceling the customer's debt.
The information for this field is pulled from GOLDTeller when a Full Write-off Transaction (tran code 2510-05) or Partial Write-off Transaction (tran code 2510-00) are run. This information is passed through to IRS GOLD and then transmitted to the IRS by GOLDPoint Systems.
Possible selections in this field are:
| A | Bankruptcy |
| B | Other Judicial Debt Relief |
| C | Statute of Limitations or Expiration of Deficiency Period |
| D | Foreclosure Election |
| E | Debt Relief from Probate or Similar Proceedings |
| F | By Agreement |
| G | Decision or Policy to Discontinue Collection |
| H | Expiration of Nonpayment Testing Period |
| I | Other Actual Discharge Before Identifiable Event |
Note: Per IRS publication “Instructions for Forms 1099-A and 1099-C” for the year 2012, all identifiable event codes are optional except for Code A – Bankruptcy.