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2005 1065 K-1 Line 11 code E

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Cancellation of debt. Generally,this amount is included in your gross income (Form 1040, line 21). Under section 108(b)(5), you may elect to apply any portion of this cancellation of debt to the reduction of the basis of depreciable property. See Form 982 for more details.

2005 1065 K-1 instructions

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