- 17 -
(2) Charitable contributions carryovers.--The
carryover of excess charitable contributions
determined under section 170(d)(1).
(3) Recovery of tax benefits items.--Any
amount to which section 111 (relating to recovery
of tax benefit items) applies.
(4) Credit carryovers, etc.--The carryovers
of any credit, and all other items which, but for
the commencement of the case, would be required to
be taken into account by the debtor with respect
to any credit.
(5) Capital loss carryovers.--The capital
loss carryover determined under section 1212.
(6) Basis, holding period, and character of
assets.--In the case of any assets acquired (other
than by sale or exchange) by the estate from the
debtor, the basis, holding period, and character
it had in the hands of the debtor.
(7) Method of accounting.--The method of
accounting used by the debtor.
(8) Other attributes.--Other tax attributes
of the debtor, to the extent provided in
regulations prescribed by the Secretary as
necessary or appropriate to carry out the purposes
of this section.
The bankruptcy estate uses any tax attribute received from
the taxpayer plus its own attributes to reduce its taxable
income. See sec. 1398(g). Certain tax attributes not used by
the bankruptcy estate are returned to the taxpayer upon
termination of the estate. See sec. 1398(i).
From 1982 until 1985, petitioners could not use any of their
$1,255,400 carryover loss from Pharmacare to reduce taxable
Page: Previous 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 NextLast modified: May 25, 2011