1120-US: Difference between the excluded amount from gross income on Screen 982 and the credit tax attributes amount on Form 982 (FAQ)

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Question

Why is there a difference between the amount excluded from gross income in Screen 982 and the amount of credit tax attributes displayed on Form 982?

Answer

UltraTax CS automatically calculates the amount of credit tax attributes when the amount of excluded income is entered in the Excluded Gross Income column in Screen 982 or 982S (as applicable). Credit tax attributes are reported on Form 982 at 33 1/3 cents for every dollar excluded from debt income.

Related topic: 1120-US: Form 982 - Reduction of Tax Attributes Due to Discharge of Indebtedness FAQs

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