New (tax) year, new help!

Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.

Question

Where do I enter the portion of cancellation of debt income that is not being deferred?

Answer

Continue reporting the portion of cancellation of debt income that is not being deferred in the same manner as in prior years, based on the return line you want to report this amount. Screens CODI and K1CODI should only be used to report the cancellation of debt income that was previously deferred and is now being recognized by the corporation.

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

Was this article helpful?

Yes No

Submit