the exact name and address ot the arporation and other required loom Infamation are provided. 2 Do not file Form / 17DSs N.S. Income Tax Return (or an S Corporation, for arty lox year before the year the election takes effect. 3. If the corporation was in existence before the effective date of this election. see

clusion is applied at the S corporation level by attaching Form 982 to a timely filed (including extensions) Form 1120S, U.S. Income Tax Return for an S Corporation. The income excluded at the S corporation level reduces the basis in the depreciable real property of the S corporation. Shareholders cannot treat