Code of Federal Regulations · Section
§ 309.23 — Discharge
22 C.F.R. § 309.23
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Once a debt has been closed out for accounting purposes and collection has been terminated, the debt is discharged. Peace Corps will report discharged debt as income to the debtor to the Internal Revenue Service per 26 U.S.C. 6050P and 26 CFR 1.6050P-1.
Authorizing Statute
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Returns relating to the cancellation of indebtedness by certain entities26 U.S.C. § 6050P
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Director and Deputy Director; delegation of functions22 U.S.C. § 2503
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Installment deduction for indebtedness to the United States5 U.S.C. § 5514
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Reduction of tax refund by amount of debt31 U.S.C. § 3720A