- What if the bank makes a mistake?
- What if the bank virtually gives the boat away?
… which meant that the bank received zero … zip… zilch… on the sale of the 4-Runner.
COMMENT: Sure. I am certain the lender will jump right on this.
(d) Required reasonable verification of information returns In any court proceeding, if a taxpayer asserts a reasonable dispute with respect to any item of income reported on an information return filed with the Secretary under subpart B or C of part III of subchapter A of chapter 61 by a third party and the taxpayer has fully cooperated with the Secretary (including providing, within a reasonable period of time, access to and inspection of all witnesses, information, and documents within the control of the taxpayer as reasonably requested by the Secretary), the Secretary shall have the burden of producing reasonable and probative information concerning such deficiency in addition to such information return.