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Screen 982 - Reduction of Tax Attributes - Discharge of Indebtedness (1040)

Overview

Use this screen to enter information to complete Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment).

General Information

Use Part 1 of Form 982 to indicate why any amount received from the discharge of indebtedness should be excluded from gross income and the amount excluded.
Enter
X
 in the
Discharge...
 fields that identify the reasons for which gross income is excluded.
UltraTax CS calculates the total based on the sum of the 1099C amounts excluded from income with exclusion codes. The total transfers to Form 982, line 2. UltraTax CS uses an amount in this field instead of a calculated amount.
Use this field to elect to treat all real property described in section 1221(a)(1), relating to property held for sale to customers in the ordinary course of trade or business, as if it were depreciable property.

Reduction of Tax Attributes

Enter
X
 to have UltraTax CS display the available credit and carryover attributes for reduction. UltraTax CS shows the amounts as of the last time the return was printed or previewed. If data is changed within the return after the attributes have been displayed initially, remove the
X
 from this field and preview the return. Enter
X
 again and UltraTax CS updates the available attributes.
Reduce the net operating loss or carryover by one dollar for each dollar of excluded canceled debt. UltraTax CS reduces the net operating loss carryover into the next tax year by the amount in the field.
Reduction of the net operating loss or carryover to the current year is done
after
 taking into account any amount used to reduce the current year taxable income. Form 982 reduces remaining current year NOL attributes after the tax liability for the current year has been calculated, then reduces remaining prior year NOL.
Enter an amount to reduce the credit by 33 1/3 cents for each dollar (33 1/3%) of excluded canceled debt. Enter the amount of excluded debt. UltraTax CS calculates the reduction and reports the amount on Form 982, line 7.
Enter an amount field to reduce the minimum tax credit by 33 1/3 cents for each dollar (33 1/3%) of excluded canceled debt. Enter the amount of excluded debt. TUltraTax CS calculates the reduction and reports the amount on Form 982, line 8.
Enter an amount to reduce the short-term and long-term capital loss or carryover by one dollar for each dollar of excluded canceled debt.
Enter amounts in these fields to reduce the basis by one dollar for each dollar of excluded canceled debt.
Enter an amount to reduce the passive activity loss by one dollar for each dollar of excluded income. Reduce the passive activity credit carryover by 33 1/3 cents for each dollar (33 1/3%) of excluded canceled debt. Enter the amount of excluded debt, UltraTax CS calculates the amount to report on Form 982, line 12.
Enter an amount to reduce the foreign tax credit carryover by 33 1/3 cents for each dollar (33 1/3%) of excluded canceled debt. Enter the amount of excluded debt, UltraTax CS calculates the reduction and reports the amount on Form 982, line 13.
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