Form 982

(Rev. March 2018)

Department of the Treasury 

Internal Revenue Service 

Reduction of Tax Attributes Due to Discharge of 

Indebtedness (and Section 1082 Basis Adjustment)

▶ Attach this form to your income tax return.

▶ Go to www.irs.gov/Form982 for instructions and the latest information.

OMB No. 1545-0046

Attachment 

Sequence No. 94

Name shown on return Identifying number

Part I General Information (see instructions)

1 Amount excluded is due to (check applicable box(es)):

a Discharge of indebtedness in a title 11 case . . . . . . . . . . . . . . . . . . . . . . . .

b Discharge of indebtedness to the extent insolvent (not in a title 11 case) . . . . . . . . . . . . . . .

c Discharge of qualified farm indebtedness . . . . . . . . . . . . . . . . . . . . . . . . .

d Discharge of qualified real property business indebtedness . . . . . . . . . . . . . . . . . . .

e Discharge of qualified principal residence indebtedness (Caution: See instructions before checking this box if debt 

was discharged after 2017.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2 Total amount of discharged indebtedness excluded from gross income . . . . . . . . . 2 

3 Do you elect to treat all real property described in section 1221(a)(1), relating to property held for sale to 

customers in the ordinary course of a trade or business, as if it were depreciable property? . . . . . . Yes No

Part II Reduction of Tax Attributes. You must attach a description of any transactions resulting in the reduction in 

basis under section 1017. See Regulations section 1.1017-1 for basis reduction ordering rules, and, if applicable, 

required partnership consent statements. (For additional information, see the instructions for Part II.)

Enter amount excluded from gross income:

4 For a discharge of qualified real property business indebtedness applied to reduce the basis of

depreciable real property . . . . . . . . . . . . . . . . . . . . . . . . 4 

5 That you elect under section 108(b)(5) to apply first to reduce the basis (under section 1017) of

depreciable property . . . . . . . . . . . . . . . . . . . . . . . . . . 5 

6 Applied to reduce any net operating loss that occurred in the tax year of the discharge or carried

over to the tax year of the discharge . . . . . . . . . . . . . . . . . . . . . 6 

7 Applied to reduce any general business credit carryover to or from the tax year of the discharge . 7 

8 Applied to reduce any minimum tax credit as of the beginning of the tax year immediately after the

tax year of the discharge . . . . . . . . . . . . . . . . . . . . . . . . . 8 

9 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 . . . . . . . . . . . . . . . . . . . 9 

10a Applied to reduce the basis of nondepreciable and depreciable property if not reduced on line 5. 

DO NOT use in the case of discharge of qualified farm indebtedness . . . . . . . . . . 10a

b Applied to reduce the basis of your principal residence. Enter amount here ONLY if line 1e is

checked . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10b

11 For a discharge of qualified farm indebtedness applied to reduce the basis of:

a Depreciable property used or held for use in a trade or business or for the production of income if

not reduced on line 5 . . . . . . . . . . . . . . . . . . . . . . . . . . 11a

b Land used or held for use in a trade or business of farming . . . . . . . . . . . . . 11b

c Other property used or held for use in a trade or business or for the production of income . . . 11c

12 Applied to reduce any passive activity loss and credit carryovers from the tax year of the discharge 12 

13 Applied to reduce any foreign tax credit carryover to or from the tax year of the discharge . . . 13 

Part III Consent of Corporation to Adjustment of Basis of Its Property Under Section 1082(a)(2)

Under section 1081(b), the corporation named above has excluded $ from its gross income

for the tax year beginning and ending .

Under that section, the corporation consents to have the basis of its property adjusted in accordance with the regulations prescribed 

under section 1082(a)(2) in effect at the time of filing its income tax return for that year. The corporation is organized under the laws

of .

(State of incorporation)

Note: You must attach a description of the transactions resulting in the nonrecognition of gain under section 1081.

For Paperwork Reduction Act Notice, see separate instructions. Cat. No. 17066E Form 982 (Rev. 3-2018)