Circuit City and or First North American National Bank are sending the I.R.S. Form 1099-c to report Debt Cancelled for my wife and I for the year 2002. We have never had a credit card from either one nor can we ever remember purchasing anything from them. The I.R.S. Looks at cancelled debt as income and now wants us to pay tax and penalities because we didn't claim this as income.
I'm sure the bank or company will let the I.R.S. Know that this was a type-o when we ask them to prove our purchase. This bank and company are trying to use the system like this in hopes of avoiding their on tax. We all would be amazed at the people who pay or their estate pays just to be rid of anything related to the I.R.S. It will not happen here, we will see it to the bitter end.
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