26 U.S.C. 61(a)(12) and 6050P, 26 CFR 1.6050P-1, and 31 CFR 903.5 state that any financial institution (as defined in 26 U.S.C. 6050P(c)(1)) that discharges an indebtedness of any person of at least $600 during a calendar year must file an information return on Form 1099-C with the IRS.