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QUESTION DETAIL
Related User
Votes
What is the procedure for reducing a tax attribute such as net operating loss (NOL) for 2013 if I report on line 2 of form 982 the full amount of cancellation of debt? Do I go back to my form 1040 for 2013 and subtract the amount from my NOL? Do I go to schedule C?
ANSWER
The BIDaWIZ Team's Answer:
You would reduce the COD via Part II of your Form 982 - Line 6. This is referenced in Internal Revenue Code Section 108(b)(2)(A) & IRS Publication 4681.
