22 C.F.R. § 1306.22
Discharge.
Cite as 22 C.F.R. § 1306.22 (2026)
Once a debt has been closed out for accounting purposes and collection has been terminated, the debt is discharged. MCC must 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.
- Cross-references to the US Code
- 26:6050P
- Cross-references to the CFR
- 26:1.6050P-1.