Form 982 (Revised March 2009) Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)

Summary: This is an example of Form 982 (Revised December 1994) as pertains to the estate described in the text. The completed line items are:

Name shown on return field contains Thomas Smith Bankruptcy Estate
Identifying number field contains 00-0000000
UnderPart I: General Information:
- 1. Amount excluded is due to (check applicable box(es)):
- 1a. Discharge of indebtedness in a title 11 case checkbox checked
- 2. Total amount of discharged indebtedness excluded from gross income field contains 70,000
UnderPart II: Reduction of Tax Attributes:
- 9. Enter amount excluded from gross income: 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