SCHEDULE C (Form 1120) UNITED STATES

‘Treasury Department

Tema Revenue Seve SCHEDULE OF CAPITAL GAINS AND LOSSES
For Calendar Year 1944

Or fiscal year beginning , 1944, and ending .

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

4 1945

PRINT PLAINLY CORPORATION’S NAME AND ADDRESS

This schedule must be
filed with and as a part of
the corporation’s income (Name)
tax return, Form 1120 or
Form 1120 M, for the tax-
able year, in case of sale (Street and number)
or exchange of capital
assets.!

for town, postal zone number)

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

6. Depreciation Allowed

5, Expense of Salo and | © Qrettowable) Si 7, Gain. or Loss (cok

i i 8. Gross Sales Price Gost of Improvements (cr allowable) Since Gain or Loss (column

1. Description of Property | 2. Date Acquired (Contract rive} 4. Cost or Other Basis | orto" tmprovamenss Acquistion or 3 plus column 6 minus the
sition or March 1, 1013 (humnizh details) "um of columns 4 and

SHORT-TERM CAPITAL GAINS AND LOSSES—ASSETS HELD FOR NOT MORE THAN 6 MONTHS

$...

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

LONG-TERM CAPITAL GAINS AND LOSSES—ASSETS HELD FOR MORE THAN 6 MONTHS

Is $.

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

SUMMARY OF CAPITAL GAINS AND LOSSES

2. GAIN on Loss 70 BE TAKEN IxT0 ACCOUNT

1. Crasstication
(a) Gain

(b) Loss

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

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

3. Excess of net short-term capital gain over net long-term capital loss (line 1, col. 2 (a) minus line

2, col. 2(b)). (Enter as item 12 (a), page 1, Form 11204)...
4, Excess of net long-term capital gain over net short-term capital loss (line 2, col. 2 (a) minus line
1, col. 2 (b)). (Enter as item 33, page 1, Form 1120 *)_

XXXXXXX

5. Net loss in column 2, lines 1 and 2. (No net Joss allowable

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 36, page 1, Form 1120).
2. Less: Fxcess of net long-term capital ga’
3. Net income reduced by excess in line 4 (line 1 minus line 2)...
4.

ial loss (line 4, of summary above).

er net short-term

be Less: Interest on certain obligations of the United States and its instrumentalities issued prior to March 1, 1941. item

87, page 1, Form 1120). -
5. Adjusted net income (line 3 minus line 4)...
6. Less: Income subject to excess profits tax (item 39, page 1, Form 1120)...

Dividends received credit (85 percent of column 2, Schedule E, but not in excess of 85 per-
cent of item 38 minus item 39, page 1, Form 1120)...

8. Balance subject to normal tax.

NORMAL TAX COMPUTATION | Colma 1 [ Got. 2

Column 3

DOMESTIC CORPORATIONS WITH NORMAL-TAX NET INCOMES CF NOT OVER $30,000

9. Adjusted normal-tax net income (line 8)..
10. Portion of line 9 (not in excess of $5,000); and tax at 15 percent...
11. Portion of line 9 (in excess of $5,000 and not in excess of $20,000); and tax at 17 percent.
12, Portion of line 9 (in excess of $20,000 and not in excess of $25,000); and tax at 19 pereent..
13, Portion of line 9 (in excess of $25,000); and tax at 31 percent.

14, Total normal tax (total tax in column 3 of lines 10, 11, 12, and 18)...

15%
17%
19%
31%

DOMESTIC CORPORATIONS WITH NORMAL-TAX NET INCOMES OVER $50,000 AND FOREIGN CORPORATIONS ENGAGED IN BUSINESS
‘WITHIN THE UNITED STATES IRRESPECTIVE OF AMOUNT OF NORMAL-TAX NET INCOME

15. Adjusted normal-tax net income (line 8).

16, Normal tax (24 percent of line 15)....

24%

‘SURTAX COMPUTATION

17. Net income from line 3, above.

18, Less: Income subject to excess profits tax.

19. Dividends received credit (85 percent of column 2, Schedule E, excluding c
dividends received on preferred stock of a public utility), but not in exces:
85 percent of line 17 mipus line 18, page 2, Form 1120).

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

8 of

21. Adjusted surtax net income...

RPORATIONS WITH SURTAX NET INCOME NOT OVER $50,000
22. Portion of line 21 (not in excess of $25,000); and tax at 10 percent (or 12 percent in the
‘case of a consolidated return). - -

- . -| 8.
28. Portion of line 21 (in excess of $25,000 and not in excess of $50,000); and tax at 22 percent

(or 24 percent in the case of a, consolidated return)...
24. Total surtax in column 3 of lines 22 and 23....

‘CORPORATIONS WITH SURTAX NET INCOME OVER $59,000
25, Adjusted surtax net income (line 21).

26. Surtax (16 percent of line 25) (or 18 percent in the case of a consolidated return )_..

27. Partial tax (line 14 or 16, plus 24 or 26, whichever is applicable)
28, 25% of line 2...
29. Alternative tax (line 27 plus line 28). _ _-
30. Total normal tax and surtax (line 27, page 2, Form 1120)
31, Tax liability (line 29 or 30, whichever is lesser), (Enter as line 28, page 2, Form 1120).

Nore 1, Companies taxable under section 204 and having losses from capital assets sold or exchanged in order to obtain funds to meet abnormal insurance
sponding to'Schedule D, Form 1120M.

losses, ete., shall attach a schedule corre-

Note 2, “Net capital loss,” with rospect to companies taxable under section 204 or section 207 (a) (1) or (3), means the amount by which the losses for the taxable year from sales or exchanges, of
capital assets exceed the sum of the geins irom such sales or exchanges and the lesser of (1) the corporation surtax het ineome (computed without regard to gains or Josses, from sales or exchanges of capital
assets) of (2) losses from the sale or exchange of capital assots sold or exchanged to obtain funds to meet abnormal insuranco losses and to provide for the payment of dividends and similar distributions to

policyholders.
Norte 3.
1120M. It Will be nocessary for such companies to substitute, in licu of lines 9 to 27, inclusive, a computation conforming to that_on page 2 of Form 1120M.

For companies taxable under section 207 (a) (1) or (), all references to “item” or “lino” numbers, Form 1120, shall be considered as references to the appropriate “item""or “ine” in Form

36-—41471-1