SCHEDULE C (Form 1120)
Treasury Department
Internal Revenue Service

UNITED STATES
SCHEDULE OF CAPITAL GAINS AND LOSSES
For Calendar Year 1946

Or fiscal year beginning - _, 1946, and ending -

(Insurance companies using this form should follow notes 1 to 3, inclusive)

~~ PRINT. PLAINLY CORPORATION'S | NAME , ‘AND ADDRESS
This schedule must be
filed with and as a part of
the corporation’s income
tax return, Form 1120 or
Form 1120M, for the tax-
able year, in case of sale
or exchange of capital
assets.)

«

iy or town, postal zone number)

Do not file this form if
the corporation did not
sell or exchange any
capital assets during the
taxable year.

8, Expense of Sale and
Gost of Improvements
Subsequent to Acqui-

sition or Mareh 1, 1913

3. Gross Sales Price

(Contract pricey | # Cost or Other Basis

1. Description of Property

2. Date Acquired

‘Mareh

Acquisition or

1, 1913
(Furnish details)

7. Gain or Loss (column
3 plus column 6 minus the
‘sum of columns 4 and 5)

SHORT-TERM CAPITAL GAINS AND

LOSSES—ASSETS HELD FOR NOT MORE THAN 6 MONTHS

$.. 3...

Net short-term capital gain (or loss)
Net capital loss carry-over? (attach statement)
Total net short-term capital gain (or loss)

Total net long-term capital gain (or loss)_

SUMMARY OF CAPITAL GAINS AND LOSSES

Linz
No. (@) Gain

1, Crasstrication

. Total net short-term capital gain (or loss) from column 7, above..

I.

Total net long-term capital gain (or loss) from column 7, above.

(line I, col. 2 (a) minus line

III. Excess of net short-term capital gain over net long-term capital lo:

I, col. 2 (b)). (Enter as item 12 (a), page 1, Form 11204)

Iv. Excess of net long-term capital gain over net short-term capital loss ine U, col. 2 ()) minus line

I, col. 2 (b)). (Enter as item 12 (6), page 1, Form 11205).

XXXXXXX

Net loss in column 2, lines I and IT. (No net loss allowabl

COMPUTATION OF ALTERNATIVE TAX
USE ONLY IF THERE IS AN EXCESS OF NET LONG-TERM CAPITAL GAINS OVER NET SHORT-TERM CAPITAL LOSSES

1. Net income (item 31, page 1, Form 1120)...

2 Less: Excess of net long-term capital gain over net short-term eapital loss (line IV of summary above).
3. Net income reduced by excess in line 2 (line 1 minus line 2)
4, Less: Interest on certain obligations of the United States and its instrumentalities issued

prior to March 1, 1941 (item 32, page 1, Form 1120).
5 Dividends received credit (85 percent of cokimn 2, Schedule EF, but not in excess of |

85 percent of item 33, page 1, Form 1120)

6. Balance subject fo normal tax.

NORMAL TAX COMPUTATION Column 1

j Column 3

DOMESTIC CORPORATIONS WITH NORMAL-TAK NET INCOMES OF NOT OVER $50,000

. Balance subject to normal tax (line 6)
. Portion of line 7 (not in excess of $5,000); and tax at 15 percen|
9. Portion of line 7 (in excess of $5,000 and not in excess of $20,000); and tax at 17 percent.
). Portion of line 7 (in excess of $20,000 and not in excess of $25,000); and tax at 19 percent
. Portion of line 7 (in excess of $25,000); and tax at 31 percent.
8, 9, 10, and 11)

12. Total normal tax (total tax in column 3 of lin
DOMESTIC CORPORATIONS NORMAL-TAK NET INCOMES OVER $50,000 AND FOREIGN CORPORATIONS ENGAGED IN BUSINESS
WITHIN THE UNITED STATES IRRESPECTIVE OF AMOUNT OF NORMAL-TAX NET INCO
18. Balance subject to normal tax (line 6)...

t of line 13)...

‘SURTAX COMPUTATION

15, Net indome from line 3, above

16. Less: Dividends received credit (85 percent of column 2, Schedule E, but not in excess
of 85 percent of item 33, page 1, Form 1120 (excluding from the computation
dividends received on certain preferred stock of a public utility). -

17. Dividends paid on certain preferred stock if taxpayer is a public utility...

18, Balance subject to surtax

CORPORATIONS WITH SURTAX NET INCOME NOT OVER $50,000

19.
20.

Balance subject to surtax (line 18)-
Portion of line 19 (not in excess of £ $25, 000); and tax at 6 percent ‘(or 8 -peeent in the
ease of a consolidated return) -
Portion of line 19 (in excess of $25,000 and not in excess of $50,000); and. tax at 22 pereent
(or 24 percent in the case of a consolidated return)

22.

21.

_Total surtax in column 3° of lines 20 and 21__

23.
24.

Balance subject to surtax (line 18)..
Surtax (14 percent of line 23) (or 16 percent in the

25, Partial tax (line 12 or 14, plus line 22 or 24, whichever is applicable).
26. 25% of line 2..
7. Alternative tax (line 25 plus line 26)...
28. Total normal tax and surtax (line 18, page 3 3, Form 1120).

29. Tax liability (line 27 or 2!

whichever is

Note 1. Companics turable under section 204 aml Laying losses frot capital assets sold or 1 exchanged in order to obtain funds to meet ab:
to cecule D, Form 120M
et capital los eet to companies taxable under section 204 or seetion 207 (a) (1) or (3), means the amount by whi
assets need the stint the 2 sUCH sales of exchanges aici the Itoser of 1) the corporation surtax net income (computed without regard
losses rom ‘the sala or eachange of capital ass singed to obtain funds to meet abnormal insurance losses and to provide for th:
N For companies taxable under section 203 ) or (3), all references to “item” or “line” numbers, Form 1120, shall be considered as refe
It will be necessary for stich companies to substitate 12 of lines 7 to 25, inclusive, a computation conforming to that on pago 2 of Form 112031.

with re

ppropriate “item” o:

, ete., shall attach a schedule corresponding

Hh Josses forthe tarable year from sales or exchanges of capital

Form 1120M.

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