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Federal input screens

Screen 382Stmt – IRC 382 Information Statement (1120)

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Required Information Statement

Dates of owner shifts, equity structure shifts, or other transactions
Enter the date of any changes in the ownership of the stock of a loss corporation that affects the percentage of such stock owned by any 5-percent shareholder, or the date or any reorganizations within the meaning of section 368 with respect to which the loss corporation is a party to the reorganization.
note
This information is only included as part of the required information statement when both the Date and Description of Event columns have been completed.
Date on which ownership change occurred
Enter the date on which the ownership change occurred. Generally, this is the date on which the shift that is the last component of an ownership change occurred.
Attributes of loss corporation
Enter the net operating loss, net capital loss, excess foreign taxes under Section 904(c), unused general business credits under Section 38, unused minimum tax credit under Section 53, net unrealized built-in loss, or other attributes that caused the corporation to be considered a loss corporation as described in Reg. Section 1.382(a)(1)(i).
note
This information is only included as part of the required information statement when both the Description and Amount columns have been completed.
Elect to disregard the deemed exercise of an option…
Enter
X
 in this field to elect under Treas. Reg. § 1.382-2T(h)(4)(vi)(B) to disregard the deemed exercise of an option if the actual exercise of that option occurred within 120 days of the ownership change. The election text is included with the IRC Section 382 Required Information Statement that prints with the return.
Elect to close the books of the loss corporation…
Enter
X
 in this field to elect under Treas. Reg. § 1.382-6(b)(2) to close the books of the loss corporation for purposes of allocating income and loss to periods before and after the change date. The election text is included with the IRC Section 382 Required Information Statement that prints with the return.

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