RRA changes affecting discharge of indebtedness income.
Author | Banks, Jim |
Position | Revenue Reconciliation Act of 1993 - Brief Article |
The Revenue Reconciliation Aet of 1993 (RRA) amended See. 108 to provide an eleetion for the exclusion of diseharge of indebtedness income related to qualified real property business indebtedness. The provision is effective for discharges after 1992.
The election must be made on revised Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment), issued in December 1993. The revised form includes a new check-off for making the election, with an additional line to indicate the amount by which the basis of depreciable property is to be reduced.
In a separate amendment, the RRA expanded the list of tax attributes that are reduced in...
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