The Romney trusts claimed interest expenses passed through from investment funds as interest from a trade or business, which would allow deduction of the full amount(section 162).
It concerns whether interest paid by a state on the amount it owed for taking property was excludible under Section 103 (Interest on State and Local Bonds).
Under section 6050W, forms 1099-K must include the gross amount of reportable payment transactions, as well as the name, address and taxpayer identification number (TIN) of the payee.
The Consensus formula (also referred to by the Section 568 statute permitting it) has an interesting loophole that involves the value of your home: The amount of home equity that goes into calculating your net worth is capped at 120% of your income.