Yes I have heard of this business practice and it makes perfect sense to me. John Doe goes to the bank and borrows $200,000 to buy a farm. The bank loans him the money and he is now $200,000 (or one farm richer). He begins repaying the loan but with $100,000 still owed he stops paying. The bank is hung out for $100.000. They foreclose on the farm in an effort to recuperate some or all of their money. They recover $60,000 but they are still $40.000 in the hole. If they "write it off" John still has $40,000 of the banks money. Through foreclosure his debt is forgiven and he walks away with the $40,000. In the eyes of the IRS that money is income to be treated like any other earnings. Therefore, the bank is required to issue a 1099 so John can be taxed properly. Kind'a sucks but its the law!
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Today's Featured Article - Show Coverage: Godfrey, Illinois Country Days - by Cindy Ladage. Except for last fourth of July's Old Gold show in Springfield, Illinois, I don't remember when it was so hot. Nevertheless, the heat didn't keep vendors and visitors alike from enjoying the third annual Country Day's Event. Jane Elliott said the event was originally a one man show. "Barry Seiler, owner of Country Town Farm Supply store used to invite people up to the Johne Deere store. He would give hats and a free meal for everyone that brings a tractor." Elliott said while this
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