Section 1082

About form 982 reduction of tax attributes due to discharge of indebtedness and section 1082 basis adjustment form 982 is used to determine under certain circumstances described in section 108 the amount of discharged indebtedness that can be excluded from gross income.

Section 1082. The amendments made by this section enacting this section and repealing former section 1082 of this title and sections 1083 to 1085 1085a 1085b and 1086 of this title shall apply to plan years beginning after 2007. 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. Nothing in this section shall be construed to limit the development of electronic forms and procedures.

89 329 title iv 432 nov. Basis for determining gain or loss a exchanges generally 1 exchanges subject to the provisions of section 1081 a or e if the property was acquired on an exchange subject to the provisions of section 1081 a or e or the corresponding provisions of prior internal revenue laws the basis shall be the same as in the case of the. You must file form 982 to report the exclusion and the reduction of certain tax attributes either dollar for dollar or 33 1 3 cents per dollar as explained later.

The corporation is organized under the laws. The corporation is organized under the laws of. Prior to amendment text read as follows.

However under certain circumstances described in section 108 you can exclude the amount of discharged indebtedness from your gross income. 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 of the internal revenue code in effect at the time of filing its income tax return for that year. C section 1082 makes provisions with respect to the basis of property acquired in a transfer in connection with which the recognition of gain or loss is prohibited by the provisions of section 1081 with respect to the whole or any part of the property received.