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Politics : Sharks in the Septic Tank

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To: TimF who wrote (70102)	1/10/2003 12:45:29 PM
From: cosmicforce	Read Replies (1) of 82486

You are mistaken. This principle does apply to all transactions of this kind. A subsidy is a "financial assistance" (dictionary.com, #2). Tax relief is assistance. If you default on your loan, the transactions are classified as "debt relief" and will receive a 1099 for that transaction. This will be treated as INCOME even though you didn't get one dollar in cash. Subsidy can be debt relief. Or cash. Or a selective tax break. In any case it is financial assistance. To argue otherwise is specious. My Church of the Cosmic Force is not getting a subsidy in the form of tax considerations. The Catholic Church is.

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