quote:

ORIGINAL: mnottertail

then you read it wrong. 

quote:

ORIGINAL: Hippiekinkster

"All persons engaged in a trade or business and making payment in the course of such trade or business to another person, of rent, salaries, wages, amounts in consideration for property, premiums, annuities, compensations, remunerations, emoluments, gross proceeds, or other fixed or determinable gains, profits, and income (other than payments to which section 6042(a)(1), 6044(a)(1), 6047(e), 6049(a), or 6050N(a) applies, and other than payments with respect to which a statement is required under the authority of section 6042(a)(2), 6044(a)(2), or 6045), of $600 or more in any taxable year, or, in the case of such payments made by the United States, the officers or employees of the United States having information as to such payments and required to make returns in regard thereto by the regulations hereinafter provided for, shall render a true and accurate return to the Secretary, under such regulations and in such form and manner and to such extent as may be prescribed by the Secretary, setting forth the amount of such gross proceeds, gains, profits, and income, and the name and address of the recipient of such payment."

I read this as a requirement to report any transaction with a gain, or a gross income, of greater than $USD600, not a requirement to report on a 1099 any transaction with a dollar value of greater than $USD600.

There's a BIG DIFFERENCE between the two.

quote:

ORIGINAL: Hippiekinkster

quote:

ORIGINAL: mnottertail

then you read it wrong. 

Correction: As per the last sentence, one 1099 return is required per recipient of all transactions resulting in gross profits or income greater than $USD600

quote:

ORIGINAL: mnottertail

quote:

ORIGINAL: Hippiekinkster

quote:

ORIGINAL: mnottertail

then you read it wrong. 

Correction: As per the last sentence, one 1099 return is required per recipient of all transactions resulting in gross profits or income greater than $USD600

Now that it is said that way, I concur wholeheartedly.

quote:

ORIGINAL: mnottertail

regarless of what smoke willbur the insurance salesman blows up your ass, lets just cut out clauses, to simplify, without changing the intent, and make one example: 

All persons engaged in a trade or business and making payment in the course of such trade or business to another person, of  amounts in consideration for property of $600 or more in any taxable year ......................

quote:

ORIGINAL: mnottertail

I don't like the triggereable extensions to the 1099.  I see and agree that there is any number of payment types.  The law fundamentally says that any transaction equal or greater than 600 bucks exchanged has to have a 1099.

The hipster changed some of his phrasing, and I concurred, I am going to give you the benefit of the doubt and suppose you haven't caught on yet.