Form 982 - Reduction Of Tax Attributes Due To Discharge Of Indebtedness (And Section 1082 Basis Adjustment) Page 5

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Form 982 (Rev. 2-2011)
Page
Part III
Paperwork Reduction Act Notice. We ask for the information
on this form to carry out the Internal Revenue laws of the United
Adjustment to Basis
States. You are required to give us the information. We need it
to ensure that you are complying with these laws and to allow
Unless it specifically states otherwise, the corporation, by filing
us to figure and collect the right amount of tax.
this form, agrees to apply the general rule for adjusting the basis
You are not required to provide the information requested on
of property (as described in Regulations section 1.1082-3(b)).
a form that is subject to the Paperwork Reduction Act unless
If the corporation desires to have the basis of its property
the form displays a valid OMB control number. Books or
adjusted in a manner different from the general rule, it must
records relating to a form or its instructions must be retained as
attach a request for variation from the general rule. The request
long as their contents may become material in the
must show the precise method used and the allocation of
administration of any Internal Revenue law. Generally, tax
amounts.
returns and return information are confidential, as required by
section 6103.
Consent to the request for variation from the general rule will
be effective only if it is incorporated in a closing agreement
The time needed to complete and file this form will vary
entered into by the corporation and the Commissioner of
depending on individual circumstances. The estimated burden
Internal Revenue under the rules of section 7121. If no
for individual taxpayers filing this form is approved under OMB
agreement is entered into, then the general rule will apply in
control number 1545-0074 and is included in the estimates
determining the basis of the corporation’s property.
shown in the instructions for their individual income tax return.
The estimated burden for all other taxpayers who file this form is
shown as follows: Recordkeeping, 6 hr., 27 min.; Learning
about the law or the form, 2 hr., 17 min.; Preparing and
sending the form to the IRS, 2 hr., 29 min.
If you have comments concerning the accuracy of these time
estimates or suggestions for making this form simpler, we would
be happy to hear from you. See the instructions for the tax
return with which this form is filed.

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