Form 982, Credit Card Debt COD

[geekgirldany]

Re a previous post, I finally found out that 1099-Cs were in the business name. An S-Corporation. Still in business.

There is about $27,000 in COD that went through Title 11/Chapter 7 bankruptcy. I have filled out Form 982, but Part 2 is giving me a hard time.
The information I found states that: the tax attributes of the corporation are reduced in accordance with Section 108(b) of the code.

The thing is there is no suspended losses, no NOL, the assets have been depreciated out, so no basis. Before depreciation assets have value of $7,000.

Also read:
The price paid by the taxpayer for excluding this COD income is the reduction of certain tax attributes. Unless an
election
is made to first reduce the basis of depreciable property, the following attributes must be
reduced in the indicated order:
• NOLs;
• General business credits;
• Minimum tax credits;
• Capital losses;
• Basis of property;
• Passive activity losses and credits;
• Foreign tax credits.

What am I missing? From my understanding Part 2 of Form 982, has to be filled out and an attachment with what transactions were affected. But I am lost.

Would greatly appreciate any help
D

[Gary2]

If there are no attributes to reduce, then there are no attributes, and you're done.

Is there no non-depreciable property whose basis can be reduced?

Also, check whether the bankruptcy trustee filed a tax return for the bankruptcy estate.

[geekgirldany]

Thanks Gary. Eased my mind. I have a cold and wasn't sure if I was missing something.