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 Tom Smith
Identifying number field contains 000-00-0000
UnderPart 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 10,000
UnderPart II: Reduction of Tax Attributes:
- 5. Enter amount excluded from gross income: That you elect under section 108(b)(5) to apply first to reduce the basis (under section 1017) of depreciable property field contains 10,000