Thank you for the information. Your response is greatly appreciated.
Just to confirm, even though A has not filed the 2024 return yet the repayment adjustment cannot be made on the 2024 return because the debt repayment was done in 2025? Therefore A has to wait until 2025s return to claim the right of repayment? So, ONLY IF, the debt had been fully repaid in 2024 after the bonds had been cashed would A have been able to make both of these adjustments on the same 2024 return since it all happened in 2024? But since the bond funds were received in 2024 and the debt was repaid in 2025 that is the reason A cannot do both adjustments on the 2024 return, correct?
Therefore only the bond overpayment is reflected on the 2024 return with the corresponding higher tax due payment and only the claim of right repayment for that overpaid tax amount will be included on the 2025 return which will recapture the "overpaid tax" from 2024, is that correct?
