1120-US: Entering information to defer the recognition of cancellation of debt income (FAQ)

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Question

Where do I enter information to defer the recognition of cancellation of debt income?

Answer

Use Screen CODI in the Elections folder to enter previous elections to defer the recognition of cancellation of debt income for the corporation under Section 108(i), Income from discharge of indebtedness and Revenue Procedure 2009-37.

Use Screen K1CODI in the K1 1065, 1041 folder to enter information for deferred cancellation of debt income from Schedules K-1 received from pass-through entities where the current corporation is a partner.

Note: Use a separate Screen CODI or K1CODI for each applicable debt instrument that has an election to defer the inclusion of income.

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

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