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982 2023 Form: What You Should Know

Attachment “O” (1) (Form 982), reduction of tax attributes due to discharge, (2) (Form 965) 1.1. When filing the Form 982, Reduction of Tax Attributes Due to Discharge. 1.8. The reduction of tax attributes due to discharge depends heavily on when the debt was issued. The amount of an adjusted net worth (ANW) of 25.00 or more can be excluded if the tax attributes due to discharge were all or part of the basis of that ANW. See IRM 1.30.26.9.1, Adjustment and Release of Indebtedness for more information. To determine whether any part of the basis of the ANW was derived from debt issues, see I.R.C. § 108(b)(8)(D). In determining the tax attributes due to discharge of an interest-bearing debt that was issued after June 15, 2005, the amount of adjusted net worth (ANW) is based on the original issue date (OD), the current date (CT), and year. See I.R.C. § 108(b)(1)(a)(i). The tax attributes due to discharge of a debt will be reduced by the following amounts: Amounts attributable to debt issued before June 15, 2005, or in certain cases The amount of interest payments that reduce the principal of the debt can be excluded from the value of the ANW. Amounts attributable to the tax paid or accrued on debt before June 15, 2005, In addition, amounts attributed to the amount of the tax paid or accrued on any debt issue that is not reflected in an adjustment of the basis can also be excluded if they are attributable to debt issues prior to June 15, 2005. Any adjustments that reduce the tax attributes due to discharge from the amount of the ANW by more than this amount are not considered a discharge of the debt. The amounts that are excluded from the ANW by the exclusion rules under I.R.C.

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