Get 1997 Form 8810. Corporate Passive Activity Loss And Credit Limitations

This guide provides a comprehensive overview of how to complete the 1997 Form 8810 for corporate passive activity loss and credit limitations. Following these detailed instructions will assist users in accurately filling out the form online.

Follow the steps to successfully complete your form.

1. Click the ‘Get Form’ button to obtain the form and open it in your browser or document editor.
2. Begin by filling in the corporation’s name and employer identification number at the top of the form.
3. In Part I, '1997 Passive Activity Loss,' input the current year income from Worksheet 2, column (a) on line 1a.
4. Next, record the current year deductions and losses from Worksheet 2, column (b) on line 1b. Make sure to include negative amounts in parenthesis.
5. Input any prior year unallowed losses from Worksheet 2, column (c) on line 1c, also using parentheses for negative values.
6. On line 1d, combine the amounts from lines 1a, 1b, and 1c. If this results in net income or zero, refer to page 8 of the instructions.
7. Proceed to line 2 to enter unallowed passive activity deductions and losses by combining lines 1d and 2. Again, if the result is net income or zero, see page 8 of the instructions.
8. For line 3, add income amounts from lines 1a and 2, if any, to find the total deductions and losses allowed.
9. In Part II, '1997 Passive Activity Credits,' begin with line 5a and enter current year credits from Worksheet 5, column (a).
10. On line 5b, record any prior year unallowed credits from Worksheet 5, column (b).
11. Sum lines 5a and 5b on line 6 to find the total credits.
12. Input the tax attributable to net passive income and net active income on line 7, following the guidance on page 10 of the instructions.
13. Calculate the unallowed passive activity credit by subtracting line 7 from line 6; if the result is zero or less, input -0- on line 8.
14. For line 9, determine and enter the allowed passive activity credit by following the instructions provided on page 11.
15. In Part III, if applicable, check the box on line 10 to elect to increase the basis of credit property. Provide the name of the passive activity disposed of and a description of the credit property on lines 11 and 12 respectively.
16. Finally, indicate the amount of unallowed credit that reduced the property’s basis on line 13 and review your entries.
17. Once all sections are completed, users can save changes, download, print, or share the form as needed.

Start filing your 1997 Form 8810 online today for efficient tax management.