1120-US: Entering the portion of cancellation of debt income that is not being deferred (FAQ)

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Question

Where do I enter the portion of cancellation of debt income that is not being deferred?

Answer

Continue reporting the portion of cancellation of debt income that is not being deferred in the same manner as in prior years, based on the return line you want to report this amount. Screens CODI and K1CODI should only be used to report the cancellation of debt income that was previously deferred and is now being recognized by the corporation.

Related topic: 1120-US: Deferring cancellation of debt income under Section 108(i) FAQs

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