1065-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 to enter information for any 2009 or 2010 elections to defer the recognition of cancellation of debt income from the discharge of indebtedness for the partnership under section 108(i) and Revenue Procedure 2009-37.

Use Screen K1CODI to enter information for deferred cancellation of debt income from Schedules K-1 received from other partnerships where the current partnership is a partner.

Note: Use a separate Screen CODI or K1CODI for each debt instrument for which you elected to defer the inclusion of income.

Related topic: Cancellation of debt income FAQs (1065)

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