Sales of Business Property

Sales of Business Property OMB No. 1545-0184 Form 4797 Department el the Treasury 'Vernal Revenue Service (Also Involuntary Conversions and Recapture Amounts Under Sections 179 and 280F(b)(2)) lo Attach to your tax return. to Information about Form 4797 and its separate Instructions Is at wwwirs.govilom4797. 2014 Attachment Sequence No. 27 Narne(s) shown on return Identifying number 1 Enter the gross proceeds from sales or exchanges reported to you for 2014 on Form(s) 1099-B or 1099-S (or substitute statement) that you are including on line 2. 10. or 20 (see instructions) UM 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 2 (a) Description of property (b) Date acquired Imo.. 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 Co) Gain or Poet) sub024t th from the sum of Id) and (e) 3 Gain, If any. from Form 4684. line 39 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: 7 Partnerships (except electing large partnerships) and S corporations. Report the gain or (loss) following the instructions for Form 1065. Schedule K. line 10. or Form 1120S. Schedule K. line 9. Skip lines 8, 9, 11, and 12 below. Individuals, partners, S corporation shareholders, and 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 the Schedule D filed with your return and skip lines 8, 9, 11. and 12 below. 8 Nonrecaptured net section 1231 losses from prior years (see instructions) 8 9 Subtract line 8 from line 7. If zero or less, enter -0-. 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 the Schedule D filed with your return (see instructions) 9 I Ordinary Gains and Losses (see instructions 10 Ordinary gains and losses not included on lines 11 through 16 (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 16 16 Ordinary gain or (loss) from like-kind exchanges from Form 8824 16 17 Combine lines 10 through 16 17 18 For all except individual returns. enter the amount from line 17 on the appropriate line of your return and skip lines a and b below. For individual returns, complete lines a and b below: a II the loss on line 11 includes a loss from Fonn 4684, line 35, column (b)00, enter that part of the loss here. Enter the part of the loss from income-producing property on Schedule A (Form 1040), line 28. and the part of the loss from property used as an employee on Schedule A (Form 1040). line 23. Identify as from "Form 4797. line 18a." See instructions . . 18a b Redetermine the gain or (loss) on line 17 excluding the loss. if any, on line 18a. Enter here and on Form 1040. line 14 181, For Paperwork Reduction Act Notice, see separate Instructions. Form 4797 (2014) EFTA01220915 Form 4797 (2014) Page 2 LOU Gain From Disposition of Property Under Sections 1245, 1250, 1252, 1254, and 1255 (see instructions) 19 (a) Description of section 1245, 1250, 1252, 1254, or 1255 property: (b) Date acquired (mo.. day. yr.) (c) Date sold (mo.. day. yr.) A 8 C D These columns relate to the properties on Ines 19A through 190. ► Property A Property B Property C Property D 20 Gross sales price (Note: See line 1 before completing.) 21 Cost or other basis plus expense of sale 22 Depreciation (or depletion) allowed or allowable. 23 Adjusted basis. Subtract line 22 from tine 21. 24 Total gain. Subtract line 23 from line 20 20 21 22 23 24 25 It section 1245 property: a Depreciation allowed or allowable from line 22 . . b Enter the smaller of line 24 or 25a 25a 25b 26 II section 1250 property: If sharp ine deprecation was used. enter 0. on line 26g. except for a corporation SubSet to section 291. a Additional depreciation after 1975 (see instructions) b Applicable percentage multiplied by the smaller of line 24 or line 26a (see instructions) 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 d Additional depreciation after 1969 and before 1976. e Enter the smaller of line 26c or 26d I Section 291 amount (corporations only) g Add lines 26b, 26e. and 26f 26a 26b 26c 26d 26e 26f 26g 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 27a 27b 27e 28 If section 1254 property: a Intangible drilling and development costs, expenditures for development of mines and other natural deposits, mining exploration costs, and depletion (see instructions) b Enter the smaller of line 24 or 28a 28a 28b 29 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 ill Gains. Complete properly 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 31 Add property columns A through D, lines 25b, 26g, 27c. 28b, and 29b. Enter here and on line 13 32 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 Part IV 30 31 32 Recapture Amounts Under Sections 179 and 280F(b)(2) When Business Use Drops to 50% or Less (see instructions) 33 Section 179 expense deduction or depreciation allowable in prior years 34 Recomputed depreciation (see instructions) 35 Recapture amount. Subtract line 34 from line 33. See the instructions for where to report (a) Section (b) Section 179 280F(b)(2) 33 34 36 Form 4797 ,2Ulli EFTA01220916