2000 Form 4797 - Sales of Business Property

Form
4797
Department of the Treasury
Internal Revenue Service (99)
2000
(Also Involuntary Conversions and Recapture Amounts
Under Sections 179 and 280F(b)(2))
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Attach to your tax return.
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Attachment
Sequence No.
See separate instructions.
Name(s) shown on return
1
OMB No. 1545-0184
Sales of Business Property
Enter the gross proceeds from sales or exchanges reported to you for 2000 on Form(s) 1099-B or 1099-S (or substitute
statement) that you are including on line 2, 10, or 20 (see instructions)
Part I
27
Identifying number
1
Sales or Exchanges of Property Used in a Trade or Business and Involuntary Conversions From Other
Than Casualty or Theft—Most Property Held More Than 1 Year (See instructions.)
(a) Description of property
(b) Date acquired
(mo., day, yr.)
(c) Date sold
(mo., day, yr.)
(d) Gross sales
price
(e) Depreciation
allowed
or allowable since
acquisition
(f) Cost or other
basis, plus
improvements and
expense of sale
(g) Gain or (loss)
Subtract (f) from
the sum of (d)
and (e)
2
3
Gain, if any, from Form 4684, line 39
3
4
Section 1231 gain from installment sales from Form 6252, line 26 or 37
4
5
Section 1231 gain or (loss) from like-kind exchanges from Form 8824
5
6
Gain, if any, from line 32, from other than casualty or theft
6
7
Combine lines 2 through 6. Enter the gain or (loss) here and on the appropriate line as follows:
Partnerships (except electing large partnerships). Report the gain or (loss) following the instructions for Form
1065, Schedule K, line 6. Skip lines 8, 9, 11, and 12 below.
S corporations. Report the gain or (loss) following the instructions for Form 1120S, Schedule K, lines 5 and 6.
Skip lines 8, 9, 11, and 12 below, unless line 7 is a gain and the S corporation is subject to the capital gains tax.
All others. If line 7 is zero or a loss, enter the amount from line 7 on line 11 below and skip lines 8 and 9. If line
7 is a gain and you did not have any prior year section 1231 losses, or they were recaptured in an earlier year,
enter the gain from line 7 as a long-term capital gain on Schedule D and skip lines 8, 9, and 12 below.
7
8
Nonrecaptured net section 1231 losses from prior years (see instructions)
8
9
9
Subtract line 8 from line 7. If zero or less, enter -0-. Also enter on the appropriate line as follows (see instructions):
S corporations. Enter any gain from line 9 on Schedule D (Form 1120S), line 15, and skip lines 11 and 12 below.
All others. If line 9 is zero, enter the gain from line 7 on line 12 below. If line 9 is more than zero, enter the amount from line 8 on line 12
below, and enter the gain from line 9 as a long-term capital gain on Schedule D.
Part II
Ordinary Gains and Losses
10
Ordinary gains and losses not included on lines 11 through 17 (include property held 1 year or less):
11
Loss, if any, from line 7
11 (
12
Gain, if any, from line 7 or amount from line 8, if applicable
12
13
Gain, if any, from line 31
13
14
Net gain or (loss) from Form 4684, lines 31 and 38a
14
15
Ordinary gain from installment sales from Form 6252, line 25 or 36
15
16
Ordinary gain or (loss) from like-kind exchanges from Form 8824
16
17
Recapture of section 179 expense deduction for partners and S corporation shareholders from property dispositions
by partnerships and S corporations (see instructions)
17
18
Combine lines 10 through 17. Enter the gain or (loss) here and on the appropriate line as follows:
18
)
a For all except individual returns: Enter the gain or (loss) from line 18 on the return being filed.
b For individual returns:
(1) If the loss on line 11 includes a loss from Form 4684, line 35, column (b)(ii), enter that part of the loss here.
Enter the part of the loss from income-producing property on Schedule A (Form 1040), line 27, and the part
of the loss from property used as an employee on Schedule A (Form 1040), line 22. Identify as from “Form
4797, line 18b(1).” See instructions
18b(1)
(2) Redetermine the gain or (loss) on line 18 excluding the loss, if any, on line 18b(1). Enter here and on Form
1040, line 14
18b(2)
For Paperwork Reduction Act Notice, see page 7 of the instructions.
Cat. No. 13086I
Form
4797
(2000)
Form 4797 (2000)
Part III
19
Page
2
Gain From Disposition of Property Under Sections 1245, 1250, 1252, 1254, and 1255
(a) Description of section 1245, 1250, 1252, 1254, or 1255 property:
(b) Date acquired
(mo., day, yr.)
(c) Date sold
(mo., day, yr.)
Property C
Property D
A
B
C
D
These columns relate to the properties on lines 19A through 19D.
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20
Gross sales price (Note: See line 1 before completing.)
20
21
Cost or other basis plus expense of sale
21
22
23
Depreciation (or depletion) allowed or allowable
Adjusted basis. Subtract line 22 from line 21
22
23
24
Total gain. Subtract line 23 from line 20
24
If section 1245 property:
a Depreciation allowed or allowable from line 22
b Enter the smaller of line 24 or 25a
Property A
Property B
25
26
25a
25b
If section 1250 property: If straight line depreciation was used, enter
-0- on line 26g, except for a corporation subject to section 291.
a Additional depreciation after 1975 (see instructions)
26a
b Applicable percentage multiplied by the smaller of line 24
or line 26a (see instructions)
26b
c Subtract line 26a from line 24. If residential rental property
or line 24 is not more than line 26a, skip lines 26d and 26e
26c
d Additional depreciation after 1969 and before 1976
26d
e Enter the smaller of line 26c or 26d
f Section 291 amount (corporations only)
g Add lines 26b, 26e, and 26f
26e
27
If section 1252 property: Skip this section if you did not
dispose of farmland or if this form is being completed for a
partnership (other than an electing large partnership).
a Soil, water, and land clearing expenses
b Line 27a multiplied by applicable percentage (see instructions)
c Enter the smaller of line 24 or 27b
28
27a
27b
27c
If section 1254 property:
a Intangible drilling and development costs, expenditures for
development of mines and other natural deposits, and
mining exploration costs (see instructions)
b Enter the smaller of line 24 or 28a
29
26f
26g
28a
28b
If section 1255 property:
a Applicable percentage of payments excluded from income
under section 126 (see instructions)
b Enter the smaller of line 24 or 29a (see instructions)
29a
29b
Summary of Part III Gains. Complete property columns A through D through line 29b before going to line 30.
30
Total gains for all properties. Add property columns A through D, line 24
30
31
32
Add property columns A through D, lines 25b, 26g, 27c, 28b, and 29b. Enter here and on line 13
Subtract line 31 from line 30. Enter the portion from casualty or theft on Form 4684, line 33. Enter the portion
from other than casualty or theft on Form 4797, line 6
31
Part IV
32
Recapture Amounts Under Sections 179 and 280F(b)(2) When Business Use Drops to 50% or Less
(See instructions.)
(a) Section
179
33
34
35
Section 179 expense deduction or depreciation allowable in prior years
Recomputed depreciation. See instructions
Recapture amount. Subtract line 34 from line 33. See the instructions for where to report
(b) Section
280F(b)(2)
33
34
35
Form
4797
(2000)