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From: The Office of Executor- the FIRST MIDDLE LASTTM, Estate. (Recipient)
RE: Request 1099-0IDs Collateral Interest Income Withholding are Taxable for IRS
on Tax Years: 2009, 2010, 2011, 2012 & 2013. Account # XXXXXXXXXX
The details for reporting Original Issued Discounts (OID)/ Security Interest Income are
provided for the Business/Bank Association in the following Laws and Publications:
a. Publication: General Instruction for Forms 1099, 1098, 5498 & W-2g Section M
Statements to Recipients (Borrower, Debtors, Donors, Insured's, Participants,
Payer/Borrowers, Policyholders, Students, Transferors, or Winners on Certain
Forms).
b. Publication: 1212 OIDs, page 7, Nominees
c. Publication: Instructions for Forms 1099-INT & 1099-OID Specific Instructions for
Form 1099-OID. Section OID: Reporting OID
References to OIDs
d. Publication: Charter One Personal Deposit Account Agreement, Section 17(c)&(d) Interest
Withholding. ( Banks Policy & Agreement)
e. Publication: Operating Circular No.10, Application for Interest Income and definitions.
f. Law: Title 26 USC 6049 Reported Returns Regarding Payments of Interest.
g. Law: Title 26 CFR 1.1271 thru 1.1273 - Original Issued Discounts (OID) defined and
procedures.
h. Law: Title 26 USC 1271 thru 1274 Original Issued Discount (OID) determinations.
i. Law: Statutes at Large, Volume 13, page 99 thru 118 National Currency Act.
j. Law: Title 26 USC 163 & 163(e) Interest & OID as tax deduction.
k. Law: Title 12: Bank and Banking, 12 USC 412 Applying for FRN, collateral required.
COLLATERAL REQUIRED IS OID REFUNDABLE
Under the Federal Reserve Act of 1913, banks members/associations via Federal Reserve
Banks and the Treasurer of the United States is holding our original signed bonds (Check
deposit, Written Checks, Credit Cards receipts & obligations of the U.S.) as collateral.
Therefore, the exchanged Security Interest is taxable Federal Withholding to be filed as
gross income.
Emergency Banking Act, 73rd Congress, session I, Chapter 1, Title IV Sec. 401.
Sec. 401. The Sixth paragraph of Section 18 of the Federal Reserve Act (1913) is amended to
read as follows:
"Upon the deposit with the Treasurer of the United States, (a) of any direct obligations of the
United States or (b) on any notes, drafts, bills of exchange, or bankers' acceptances acquired
under the provisions of the Act, any Federal reserve bank making such deposit in the manner
prescribed by the Secretary of the Treasury shall be entitled to receive from the Comptroller of
the Currency circulating notes in blank, duly registered and countersigned. When such
circulating notes are issued against the security of obligations of the United States, the
amount of such circulating notes shall be equal to the face value of the direct obligations of
the Unites States so deposited as security; and, when issued against the security of notes,
drafts, bills of exchange and bankers' acceptances acquired under the provisions of this Act,
the amount thereof shall be equal to not more than 90 per cent of the estimated value of such
notes, drafts, bills of exchange and bankers' acceptances so deposited as security."
If any of the procedures and/or laws above is incorrect then note the deficiency and
submit changes with Codes, Slip laws or Statutes at large as evidence of correctness.
Certified No.
7012 2210 0002 XXXX XXXX IRS Tax Agent___________________________
Print Name Date
CC: 1st Class
Name, Commissioner of the IRS
Name, Attorney General of State
Name, Comptroller of the Currency
Name, Secretary of the Treasury
________________________________________________
Notary Signature Date SEAL
Print Name: