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

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Question

Does UltraTax CS automatically reduce tax attributes?

Answer

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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