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Form 982 UT: What You Should Know

Therefore, there are two tax attributes required. (1120) — (1120) — (1120) — The first has the following definition: “Discharge of indebtedness” means an exit from obligations to a person in connection with the discharge of a tax liability (other than: a) debt of the United States government, such as an obligation to repay an award, or debt incurred for a benefit to individuals for a benefit received or to be received, or (b) a contract with an entity in which the United States government is a party, or (c) a debt or obligation that results in a change in control.” This means that any tax liability not incurred for the benefit of the U.S. government, the State of Utah or any Utah taxpayer, was not discharged. The second attribute required is the following: “Sufficient basis for the tax liability”. This is used when a taxpayer pays taxes for tax attributes (2) that have resulted in income being taxed under Section 481 instead of the original filing type. A taxpayer is required to reduce tax attributes under this section to zero. As in the case of the Tax Law Revision Commission decision of February 13, 2000,  (1120) — is used to calculate whether a taxpayer eliminated his tax attributes due to discharge of indebtedness.

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