You can do this using a form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment).

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Section 1022 of the Internal Revenue Code provides for an adjustment of basis for estates of those dying in 2010 and later years.

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Included in the positive adjustment to stock basis is an increase for tax-exempt income realized by the S corporation.

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Students apply on the basis of predicted grades - and the "adjustment" system was intended to make it fairer by allowing pupils who outperformed their expectations to change their university choices after A-level results.

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