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Alabama Form 982: What You Should Know
Instructions for Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment (Inst 982) — Internal (Rev. March 2018) — The IRS has adopted changes to a number of Internal Revenue instructions affecting Form 42, Additional Tax on Discharge of Indebtedness (see for more details). The IRS changed Form 42, Additional Tax on Discharge of Indebtedness (and Section 1082 Basis Adjustment (Inst 942) — Internal (Rev. March 2018)), IRS to Form 42, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment (Rev. March 2018)), IRS. Instructions for Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness, and Section 1082 Basis Adjustment (Inst. 982) — Internal (Rev. March 2018), IRS. 2. Amount excluded may reflect reduction of indebtedness from the amount of income taxable to the extent that the value of the debt that can be excluded is greater than the fair market value of the property when it was acquired. 3. Amount excluded on Form 982 may be reduced by the amount of any federal tax liability which resulted from that debt, determined without regard to the reduction from reduced basis. If the debtor has a non-refundable state tax credit, a deficiency may be imposed on its income. 4. The amount excluded may be less than the amount included in gross income, determined without regard to the tax reduction from reduced basis. If the debtor had a non-refundable federal tax credit, a deficiency may be imposed on its income. 5. The amount of the non-refundable federal tax credit and the amount of the state tax credit are adjusted for property acquired or used after the date of discharge. 6. The amount excluded may be less than the amount includible in gross income, as the result of any adjustments to that amount that may be made at any time under section 469. 7. This section is subject to the requirements of section 56 but does not apply to the debtor. 8. This section does not apply to any debt incurred after the date of the discharge. Form 40ES.
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