Question: Shaky Savings Loan has a depositor named Olive who
Shaky Savings & Loan has a depositor named Olive who opened an account last year. At that time, Olive gave Shaky her Social Security number (SSN) as a taxpayer identification number (TIN). The IRS notified Shaky that Olive’s SSN was invalid. This year, Shaky asked Olive for a corrected number, which she pro-vided. Later this year, the IRS notified Shaky that the new SSN also was invalid. What should Shaky do at this point about backup withholding on Olive’s account? Prepare (in good form) a research memorandum to the file.
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