982 Reduction of Tax Attributes Due to Discharge of Indebten

Caution: DRAFT FORM
This is an advance proof copy of an IRS tax form.
It is subject to change and OMB approval before it
is officially released. You can check the scheduled
release date on our web site (www.irs.gov).
If you have any comments on this draft form, you can
submit them to us on our web site. Include the word
DRAFT in your response. You may make comments
anonymously, or you may include your name and
e-mail address or phone number. We will be unable
to respond to all comments due to the high volume
we receive. However, we will carefully consider
each suggestion. So that we can properly consider
your comments, please send them to us within 30
days from the date the draft was posted.

1
TLS, have you
transmitted all R
text files for this
cycle update?

Date

Form

982

(Rev. January 2009)
Department of the Treasury
Internal Revenue Service

Name shown on return

Part I
1
a
b
c
d
e
f
2
3

I.R.S. SPECIFICATIONS

TO BE REMOVED BEFORE PRINTING

INSTRUCTIONS TO PRINTERS
FORM 982, PAGE 1 of 6
MARGINS: TOP 13 mm (1⁄ 2 "), CENTER SIDES.
PRINTS; HEAD TO HEAD
PAPER: WHITE WRITING, SUB. 20
INK: BLACK
1
FLAT SIZE: 216 mm (8 ⁄ 2 ") X 279 mm (11")
PERFORATE: (NONE)
DO NOT PRINT — DO NOT PRINT — DO NOT PRINT — DO NOT PRINT

Action

Date

O.K. to print
Revised proofs
requested

Reduction of Tax Attributes Due to Discharge of
Indebtedness (and Section 1082 Basis Adjustment)
©

Signature

OMB No. 1545-0046

f
o
s
a
8
t
0
f
0
a
2
r
/
D /20
1
1

Attachment
Sequence No.

Attach this form to your income tax return.

Identifying number

General Information (see instructions)

Amount excluded is due to (check applicable box(es)):
Discharge of indebtedness in a title 11 case
Discharge of indebtedness to the extent insolvent (not in a title 11 case)
Discharge of qualified farm indebtedness
Discharge of qualified real property business indebtedness
Discharge of qualified principal residence indebtedness
Discharge of certain indebtedness of a qualified individual because of Midwestern disasters
2
Total amount of discharged indebtedness excluded from gross income
Do you elect to treat all real property described in section 1221(a)(1), relating to property held for sale to
customers in the ordinary course of a trade or business, as if it were depreciable property?

Part II

Yes

No

Reduction of Tax Attributes. You must attach a description of any transactions resulting in the reduction in
basis under section 1017. See Regulations section 1.1017-1 for basis reduction ordering rules, and, if applicable,
required partnership consent statements. (For additional information, see the instructions for Part II.)

Enter amount excluded from gross income:
4 For a discharge of qualified real property business indebtedness, applied to reduce the basis of
depreciable real property
5 That you elect under section 108(b)(5) to apply first to reduce the basis (under section 1017) of
depreciable property
6 Applied to reduce any net operating loss that occurred in the tax year of the discharge or carried
over to the tax year of the discharge
7
8

Applied to reduce any general business credit carryover to or from the tax year of the discharge
Applied to reduce any minimum tax credit as of the beginning of the tax year immediately after
the tax year of the discharge
9 Applied to reduce any net capital loss for the tax year of the discharge including any capital loss
carryovers to the tax year of the discharge
10a Applied to reduce the basis of nondepreciable and depreciable property if not reduced on line
5. DO NOT use in the case of discharge of qualified farm indebtedness
b Applied to reduce the basis of your principal residence. Enter amount here ONLY if line 1e is
checked
11 For a discharge of qualified farm indebtedness, applied to reduce the basis of:
a Depreciable property used or held for use in a trade or business, or for the production of income, if
not reduced on line 5

4
5
6
7
8
9
10a
10b

11a

b Land used or held for use in a trade or business of farming

11b

c Other property used or held for use in a trade or business, or for the production of income

11c

12

Applied to reduce any passive activity loss and credit carryovers from the tax year of the discharge

12

13

Applied to reduce any foreign tax credit carryover to or from the tax year of the discharge

13

Part III

94

Consent of Corporation to Adjustment of Basis of Its Property Under Section 1082(a)(2)

Under section 1081(b), the corporation named above has excluded $
from its gross income
for the tax year beginning
, and ending
.
Under that section, the corporation consents to have the basis of its property adjusted in accordance with the regulations prescribed
under section 1082(a)(2) in effect at the time of filing its income tax return for that year. The corporation is organized under the laws
of
.
(State of incorporation)

Note. You must attach a description of the transactions resulting in the nonrecognition of gain under section 1081.
For Paperwork Reduction Act Notice, see page 4 of this form.

Cat. No. 17066E

Form

982

(Rev. 1-2009)