In some cases, forgiven debt becomes income. I had a tenant who defaulted and stuck me with close to $30,000 by the time we got done with repairs liar err lawyer costs etc. When I wrote off the debt, my accountant made me send her a letter asking if she wanted the debt forgiven or intended to pay. You can guess the reply. We then sent her a letter advising it had been forgiven. At year end, sent her a 1099. That cost her welfare benefits for three years and got her kicked off section eight housing. Got me four new tires. Oh well, the ones her "friend" slashed were old anyway.
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Today's Featured Article - The Rescue of a Fordson F - by Anthony West. Introduction I live in the UK and have for many years restored Fordson tractors (in the main model N's). I have also restored and shown model F's, E 27N's, Field Marshall Series 2, David Brown Cropmasters and the old rey Fergeson T 20. At one time I had seven restored examples which were shown and used in ploughing matches. As most restorers, I have a number of war stories I can relate on a range of topics that may help other like minded and interested people. Perhaps my first p
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