1120-US: Information in the Attributes Available column in Screen 982 (FAQ)

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Question

What information is provided in the Attributes Available column in Screen 982?

Answer

If you enter X in the Display available credits and carryovers field in Screen 982 or 982S (as applicable), UltraTax CS displays the available tax attributes that can be reduced. For more information about reducing tax attributes, see the Is there a particular order in which the tax attributes must be reduced? frequently asked question above.

UltraTax CS completes Form 982 based upon the data entered in Screen 982 or 982S. Enter excluded gross income amounts following the ordering rules located in IRS Publication 4681, Canceled Debts, Foreclosures, Repossessions and Abandonments.

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

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