Looking for a Michigan Legal Forms And Templates? Download it for free!

2001 MICHIGAN

2001

Adjustments of Gains and Losses

MI-4797

From Sales of Business Property

Reported on U.S. 4797, see instructions on page 2.

This form is issued under authority of the Income Tax Act of 1967.

Round all money items to whole dollars.

To be filed with MI-1040 or MI-1041 if you filed U.S. 4797.

First Name, Middle Initial and Last Name (if joint return, use first name and initials of both)

Your Social Security Number

Spouse's Social Security Number

Sales or Exchanges of Property Used in Trade or Business and Involuntary

PART 1:

Conversion From Other Than Casualty and Theft - Property Held More Than 1 Year.

Enter the gross proceeds from the sale or exchange of real estate reported to you as reported on U.S. 4797. .................. $

B. Date

C. Date sold

D. Federal

E. Loss from column D

F. Gain from column D

A. Kind of property and description

acquired

(mo./day/yr.)

Gain - Loss from

subject to

(mo./day/yr.)

column g of U.S. 4797

Michigan income tax

Gain, if any, from U.S. 4684, line 39

Section 1231 gain from installment sales from

U.S. 6252, line 26 or 37

Section 1231 gain or (loss) from like-kind exchanges from U.S. 8824

Gain, if any, from Part 3, line 26 from other than casualty or theft

(

)

Add lines 2 through 6 in columns D, E and F

7a.

Combine line 7 columns E and F

•

If line 7, column D, or line 7a is zero or a loss,

enter the amount on line 11 below and skip lines 8 and 9.

•

If line 7, column D, or line 7a is a gain, enter the amount as

a long-term capital gain on Schedule D (MI-1040/MI-1041),

if you had no prior year section 1231 losses.

Non-recaptured net section 1231 losses from prior years

Subtract line 8, column D, from line 7, column D, and subtract line 8 column F,

from 7a. If zero or less, enter "0"

•

If line 9 is zero, enter the amount from line 7, column D, or line 7a on line 12 below.

•

If line 9 is more than zero, enter the amount from line 8 on line 12 below, and enter

the amount from line 9 as a long-term capital gain on Schedule D (MI-1040/MI-1041).

PART 2: Ordinary Gains and Losses

B. Date

C. Date sold

D. Federal

E. Loss from column D

F. Gain from column D

A. Kind of property and description

acquired

(mo./day/yr.)

Gain - Loss from

subject to

(mo./day/yr.)

column g of U.S. 4797

Michigan income tax

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, column D, or line 7a

12.

Gain, if any, from line 7 (column D), line 7a, or amount from line 8

13.

Gain, if any, from Part 3, line 25

14.

Net gain or (loss) from U.S 4684, lines 31 and 38a

15.

Ordinary gain from installment sales from U.S. 6252, lines 25 or 36

16.

Ordinary gain or (loss) from like-kind exchanges from U.S. 8824

17.

Recapture of section 179 expense deduction for partners and

S-corporation shareholders from property dispositions

(

)

18.

Add lines 10 through 17 in columns D, E and F

18a.

Combine line 18, columns E and F. Enter gain or (loss) here,

and on the appropriate line as follows:

18a.

(1) For all except individual returns: Enter gain or (loss)

from line 18a on return being filed

18b.

For individual returns:

(1) If the loss on line 11 includes a loss from U.S. 4684,

line 35, column (b) (ii), enter that part of the loss here

(2) Redetermine the gain or loss on line 18, excluding

the loss (if any) on line 18b (1). Enter here

If the federal amount is a gain, enter on MI-1040 Schedule 1, line 10. If a loss, enter on MI-1040 Schedule 1, line 5.

If the Michigan amount is a gain, enter on MI-1040 Schedule 1, line 3. If a loss. enter on MI-1040 Schedule 1, line 18.

Please complete page 2.

Form Mi-4797 - Michigan Adjustments Of Gains And Losses From Sales Of Business Property - 2001

Related Articles

Related forms

Related Categories