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IRS Form: ATI Election for Interest Limitation (IRC §163)

March 12, 2021, 5:00 AM

If a taxpayer makes a CARES Act election to use its 2019 adjusted taxable income (ATI) in determining the taxpayer’s tax code Section 163(j) limitation for any tax year beginning in 2020, such taxpayer should complete line 22, adjusted taxable income, on Form 8990, Limitation on Business Interest Expense Under Section 163(j), and leave lines 6 through 21 blank, the IRS announced March 12. No formal statement is required to make this election. Revenue Procedure 2020-22 provides more information, the IRS stated. [IRS Form 8990]

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