Is it sufficient to just complete 1099C input screen declaring insolvency? I have assets and Liabilities (negative).
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Last edited by BOB W; 04-01-2011, 05:18 PM.This post is for discussion purposes only and should be verified with other sources before actual use.
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Cancellation of Debt
You need to also complete a 982 - Reduction of Tax Attributes Due to Dischage of Indebtedness. -
I reviewed that form but there is no balance sheet reporting proving Illiquidity. O'well.Originally posted by peggysioux View PostThis post is for discussion purposes only and should be verified with other sources before actual use.
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Insolvency
UltraTax provides a solvency screen. I have the client provide me with the information to fill that screen out to determine insolvency.I would put a favorite quote in here, but it would get me banned from the board.Comment
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How do I find it??? I have UT.Originally posted by Matt Sova View Post
Nevermind>>>I found it... Thanks MattLast edited by BOB W; 04-02-2011, 11:58 AM.This post is for discussion purposes only and should be verified with other sources before actual use.
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