1120-US: Reducing tax attributes for Form 982 (FAQ)

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Does UltraTax CS automatically reduce tax attributes?


UltraTax CS displays the tax attributes, calculated as of the last printing or previewing of the return, available for reduction if you enter X in the Display available credits and carryovers field in Screen 982 or 982S (as applicable). While all available attributes are displayed, only some are automatically reduced when a corresponding amount is entered in the Excluded Gross Income column.

The following tax attributes are automatically reduced.

The following tax attributes need to be manually reduced.

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

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