1997 Form 1120-S (Schedule D)

SCHEDULE D
(Form 1120S)
Capital Gains and Losses and Built-In Gains
©
Department of the Treasury
Internal Revenue Service
©
OMB No. 1545-0130
97
Attach to Form 1120S.
See separate instructions.
Name
Employer identification number
Part I
Short-Term Capital Gains and Losses—Assets Held One Year or Less
(a) Description of property
(Example, 100 shares
of “Z” Co.)
(b) Date
acquired
(mo., day, yr.)
(c) Date sold
(mo., day, yr.)
(d) Sales price
(e) Cost or
other basis
(see instructions)
(f) Gain or (loss) for
entire year
((d) minus (e))
1
2
3
4
5
6
Short-term capital gain from installment sales from Form 6252, line 26 or 37
Short-term capital gain or (loss) from like-kind exchanges from Form 8824
Combine lines 1 through 3 in column (f) and enter here
Tax on short-term capital gain included on line 32 below
Net short-term capital gain or (loss). Combine lines 4 and 5. Enter here and on
Form 1120S, Schedule K, line 4d or 6
Part II
2
3
4
5
(
)
6
Long-Term Capital Gains and Losses—Assets Held More Than One Year
(a) Description of property
(Example, 100 shares
of “Z” Co.)
(b) Date
acquired
(mo., day, yr.)
(c) Date sold
(mo., day, yr.)
(d) Sales price
(e) Cost or
other basis
(see instructions)
(f) Gain or (loss) for
entire year
((d) minus (e))
(g) 28% rate gain
or (loss)
*(see instr. below)
7
8
9
10
11
12
13
Long-term capital gain from installment sales from Form 6252, line 26 or 37
Long-term capital gain or (loss) from like-kind exchanges from Form 8824
Combine lines 7 through 9 in column (f) and enter here
Tax on long-term capital gain included on lines 24 and 32 below
Combine lines 7 through 11 in column (g). Enter here and on Form 1120S, Schedule K, line 4e(1) or 6
Net long-term capital gain or (loss). Combine lines 10 and 11 in column (f). Enter
here and on Form 1120S, Schedule K, line 4e(2) or 6
8
9
10
11 (
12
)(
)
13
*
28% rate gain or (loss) includes all gains and losses in Part II, column (f) from sales, exchanges, or conversions (including
installment payments received) either: ● Before May 7, 1997, or
● After July 28, 1997, for assets held more than 1 year but not more than 18 months.
It also includes ALL “collectibles gains and losses” (as defined in the instructions).
Part III
Capital Gains Tax (See instructions before completing this part.)
14
15
Enter section 1231 gain from Form 4797, line 9, column (g)
Net long-term capital gain or (loss). Combine lines 10 and 14
Note: If the corporation is liable for the excess net passive income tax (Form 1120S, page 1, line 22a) or
the built-in gains tax (Part IV below), see the line 16 instructions before completing line 16.
14
15
16
17
18
19
20
21
22
23
24
Net capital gain. Enter excess of net long-term capital gain (line 15) over net short-term capital loss (line 4)
Statutory minimum
Subtract line 17 from line 16
Enter 34% of line 18
Taxable income (attach computation schedule)
Enter tax on line 20 amount (attach computation schedule)
Net capital gain from substituted basis property (attach computation schedule)
Enter 35% of line 22
Tax. Enter the smallest of line 19, 21, or 23 here and on Form 1120S, page 1, line 22b
16
17
18
19
20
21
22
23
24
Part IV
25
26
27
28
29
30
31
32
$25,000
Built-In Gains Tax (See instructions before completing this part.)
Excess of recognized built-in gains over recognized built-in losses (attach computation schedule)
Taxable income (attach computation schedule)
Net recognized built-in gain. Enter the smallest of line 25, line 26, or line 9 of Schedule B
Section 1374(b)(2) deduction
Subtract line 28 from line 27. If zero or less, enter -0- here and on line 32
Enter 35% of line 29
Business credit and minimum tax credit carryforwards under section 1374(b)(3) from C corporation years
Tax. Subtract line 31 from line 30 (if zero or less, enter -0-). Enter here and on Form 1120S, page 1, line 22b
For Paperwork Reduction Act Notice, see the Instructions for Form 1120S.
Cat. No. 11516V
25
26
27
28
29
30
31
32
Schedule D (Form 1120S) 1997