form 982 part II line 6
Applied to reduce any net operating loss that occurred in the tax year of the discharge or carried over to the tax year of the discharge . . .982
it doesn't transfer the NOL to the 1120s
S Corporations don't have NOLs (except if they were formerly a C Corp with an NOL).
982 stuff generally doesn't go anywhere. It's a standalone form.
What about credits , same thing?
Credits in an S Corp pass through to the shareholders on K-1s.
, if I have to reduced tax attributes like credits, on form 982 ,where does the credits get recalculated , ?
You reduce them on the 1st day of the next year. So reduce any carryovers in the software next year.
