Form 982 (Revised March 2018) Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)

Form 982 (Revised March 2018) Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)

Summary: This is an example of Form 982 (Revised March 2018) as pertains to the estate described in the text. The completed line items are:

"Name shown on return" field contains Thomas Smith
"Identifying number" field contains 111-11-1111
Under"Part I: General Information":
"1. Amount excluded is due to (check applicable box(es)):"
"1b. Discharge of indebtedness to the extent insolvent (not in a title 11 case)" checkbox checked
"2. Total amount of discharged indebtedness excluded from gross income" field contains 70,000
Under"Part II: Reduction of Tax Attributes":
"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" field contains 70,000