1. Regulations
  2. title 36
  3. chapter X
  4. part 1011
  5. subpart B
  6. § 1011.7

View all text of Subpart B [§ 1011.4 - § 1011.20]

§ 1011.7 - When will the Presidio Trust compromise a debt?

(a) Authority. The Presidio Trust may compromise a debt in accordance with the FCCS and such procedures as the Presidio Trust may adopt. (See § 1011.16 of this subpart).

(b) Report to IRS. The uncollected portion of a debt owed to the Presidio Trust that is not recovered as the result of a compromise will be reported to the IRS as income to the debtor in accordance with IRS and Presidio Trust procedures.

AUTHORITY: 16 U.S.C. 460bb appendix, as amended.

SOURCE: 70 FR 73588, Dec. 13, 2005, unless otherwise noted.

CITE AS: 36 CFR 1011.7