testing period was added to the regulations in 1996 in response to creditors' concerns that the prior facts-and-circumstances test for determining when an identifiable event had occurred was not sufficiently clear to allow them to determine when reporting was required.
Second, a cancellation for nonpayment
of premium can make it difficult for an insured to obtain replacement insurance.
However, taxpayers and practitioners should note that the nonpayment
testing provision constitutes only one of eight identifiable events that trigger the requirement to file Form 1099-C.
The steep increase stems largely from additions of cases in which the insurers failed to make payments to holders of policies that became invalid due to the nonpayment
Although one can blame politicians for making careless mistakes, ''nonpayment
bashing'' that portrays such errors as intentional nonpayment
could lead to misjudgment of the nature of the problem and further deepen public distrust of politics and the pension system.
Political risk: Nonpayment
for political reasons, such as withdrawal of previously issued import/export licenses or confiscation of goods and permits.
In addition, lenders would still run the risk of nonpayment
from borrowers that incurred CERCLA liability.
of dividends on the senior preferred stock for six or more quarters has caused a voting rights trigger event, which restricts the company's from refinancing debt or incurring additional indebtedness.
testing period is a 36-month period during which a creditor has not received any payment from the debtor, which creates a presumption that the loan was discharged, thus triggering the Form 1099-C filing requirement.
Sompo Japan and Mitsui Sumitomo, which were slapped with punitive orders by the Financial Services Agency suspending part of their operations for nonpayment
of insurance claims, saw their net profits drop by 29.
will be subject to the Treasury OffSet Program.
In a nonpayment
proceeding, tenant moved to dismiss the petition on the ground that the court lacked subject matter jurisdiction because there was a purported defect in the three-day rent demand.