Federal Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)

Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)
Form 982 (Rev. March 2018)
Form

982

(Rev. March 2018)
Department of the Treasury
Internal Revenue Service

Reduction of Tax Attributes Due to Discharge of
Indebtedness (and Section 1082 Basis Adjustment)
▶

▶ Attach this form to your income tax return.
Go to www.irs.gov/Form982 for instructions and the latest information.

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e
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Attachment
Sequence No. 94

Identifying number

Name shown on return

Part I

OMB No. 1545-0046

General Information (see instructions)

Amount excluded is due to (check applicable box(es)):
Discharge of indebtedness in a title 11 case . . . . . . . . .
Discharge of indebtedness to the extent insolvent (not in a title 11 case)
Discharge of qualified farm indebtedness . . . . . . . . . .
Discharge of qualified real property business indebtedness . . . .
Discharge of qualified principal residence indebtedness (Caution: See
was discharged after 2017.) . . . . . . . . . . . . . . .

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instructions
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before checking
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this box
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Total amount of discharged indebtedness excluded from gross income . . . . . . . . .
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Do you 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 a trade or business, as if it were depreciable property? . . . . . .

Part II

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Applied to reduce any general business credit carryover to or from the tax year of the discharge .
Applied to reduce any minimum tax credit as of the beginning of the tax year immediately after the
tax year of the discharge . . . . . . . . . . . . . . . . . . . . . . . . .
Applied to reduce any net capital loss for the tax year of the discharge, including any capital loss
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carryovers to the tax year of the discharge . . . . . . . . . . . . . . . . . . .
10a Applied to reduce the basis of nondepreciable and depreciable property if not reduced on line 5.
DO NOT use in the case of discharge of qualified farm indebtedness . . . . . . . . . .
b Applied to reduce the basis of your principal residence. Enter amount here ONLY if line 1e is
checked . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
a

For a discharge of qualified farm indebtedness applied to reduce the basis of:
Depreciable property used or held for use in a trade or business or for the production of income if
not reduced on line 5 . . . . . . . . . . . . . . . . . . . . . . . . . .

b Land used or held for use in a trade or business of farming

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10a
10b

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11b

Other property used or held for use in a trade or business or for the production of income .

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11c

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Applied to reduce any passive activity loss and credit carryovers from the tax year of the discharge

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Applied to reduce any foreign tax credit carryover to or from the tax year of the discharge .

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Part III

No

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c

Yes

Reduction of Tax Attributes. You must attach a description of any transactions resulting in the reduction in
basis under section 1017. See Regulations section 1.1017-1 for basis reduction ordering rules, and, if applicable,
required partnership consent statements. (For additional information, see the instructions for Part II.)

Enter amount excluded from gross income:
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For a discharge of qualified real property business indebtedness applied to reduce the basis of
depreciable real property
. . . . . . . . . . . . . . . . . . . . . . . .
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That you elect under section 108(b)(5) to apply first to reduce the basis (under section 1017) of
depreciable property . . . . . . . . . . . . . . . . . . . . . . . . . .
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Applied to reduce any net operating loss that occurred in the tax year of the discharge or carried
over to the tax year of the discharge . . . . . . . . . . . . . . . . . . . . .

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if debt
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Consent of Corporation to Adjustment of Basis of Its Property Under Section 1082(a)(2)

Under section 1081(b), the corporation named above has excluded $
from its gross income
and ending
.
for the tax year beginning
Under that section, the corporation consents to have the basis of its property adjusted in accordance with the regulations prescribed
under section 1082(a)(2) in effect at the time of filing its income tax return for that year. The corporation is organized under the laws
of

.
(State of incorporation)

Note: You must attach a description of the transactions resulting in the nonrecognition of gain under section 1081.
For Paperwork Reduction Act Notice, see separate instructions.

Cat. No. 17066E

Form 982 (Rev. 3-2018)