UltraTax CS

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

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The following includes answers to common questions about Form 982.

When should Form 982 be filed?

Is there a particular order in which the tax attributes must be reduced?

How do I complete Screen 982 when there is qualified farm indebtedness?

Why is there a difference between the amount excluded from gross income in Screen 982 and the amount of credit tax attributes displayed on Form 982?

Does UltraTax CS automatically reduce tax attributes?

How does UltraTax CS/1120 calculate the deemed net operating loss?

Why are my attribute amounts not transferring to Screen 982 after marking the Display available credits and carryover field?

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

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