How much are the Wells required to reduce their tax attributes by on Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)?
The Wells are:
Not required to file Form 982 or reduce their tax attributes.
Required to reduce their tax attributes by $5,000.
Required to reduce their tax attributes by $7,000.
Required to reduce their tax attributes by $12,000.