Scenario 26 USC 1271; UCC 3-419

IRS Publication 1212, p. 7

26 CFR 1.671-5(c) & (d)

 No additional OID needs to be filed since Nominee

has already filed OIDs on Estate’s behalf. Once
Estate receives Recipient copy of OID, funds can
be claimed on a tax return.
 For 1099-OID, see 26 USC 6049
 For Deposits, Endorsements
Scenario and Withdrawals Check from
Bank Account
26 USC 163, 163(e) & 12 USC
412

File a 1099-A and receive 1099-OID

for total credits deposit of check,
withdrawals and endorsed from
bank account.
Credit cards are OID-able; ATM
withdrawals
 HOW TO CALCULATE OID FOR A LOAN WITH A MATURITY
Scenario DATE

OID Tax Report for Loans

with a Maturity Date

 You can amend your tax return

up to 3 years using IRS Forms
1040, 1041.
 To file prior to 3 years, use IRS
Form 706, 709. Tax Class 5.