4 7 9 7 Gains and Losses From Sales or Exchanges of Assets Used in a |2M8 No. 1545-0184
Form Trade or Business and Involuntary Conversions q 9 8 7
Department of the Treasury (And Computation of Recapture Amounts Under Sections 179 and 280F) Attachment
Internal Revenue Service P Attach to your tax return. See Separate Instructions. Sequence No. 27.
Name(s) as shown on return Identifying number

Sales or Exchanges of Property Used in a Trade or Business and Involuntary Conversions From Other Than
Casualty and Theft—Property Held More Than 6 Months (More Than 1 Year If Acquired After 12/31/87)

Notes: Use Form 4684 to report involuntary conversions from casualty and theft.
¢ If you sold property that you claimed investment credit on, get Form 4255 to see if you are liable for recapture of the credit
¢ File Form 6198 if you are reporting a loss and have amounts invested in the activity for which you are not at risk. (See instructions
under "'Special Rules.””)
Complete Form 8582 before you complete Form 4797 if you are reporting a loss from a passive activity. (See instructions under
Passive Loss Limitations.)

1 Enter here the gross proceeds from the sale or exchange of real estate reported to you for 1987 on Form(s) 1099-B
(or an equivalent statement) that you will be including on lines 2 or 10 (Column d), or on line 20. (Form 1099-B

isa Statement for Recipients of Proceeds From Real Estate, Broker, and Barter Exchange Transactions.) . . . . | 1
(e) Depreciation | (f) Cost or other
(a) Description of | (b) Date acquired {o) Date sold (@) Gross sales ; allowed ) basis plus Pitta Gpouste)
rt) mo., day, yr.) (mo., day, yr. rice (or allowable) improvements anc
Prony smongeyye) | Gmeneey ye) "" siceaciustion | “expenseotsate | Sumof(e)and(ey |“ mnus(D)
2

3 Gain, if any, from Form 4684, Section B,line21.. . . De _ - Y/,
4 Section 1231 gain from installment sales from Form 6252, line 23 or31 Pe ee _
5 Gain, if any, from Part Ill, line 32, from other than casualty and theft. ee ee MMM UU,

6 Add lines 2 through 5 in columns (g) and (h).

7 Combine columns (g) and (h) of line 6. Enter gain ¢ or Coss) he here, and on the appropriate line as follows sehleahibalali cake see the
instructions for your line references):
If line 7 is zero or a loss, enter the amount on line 11 below and skip lines 8 and 9. (S corporations, enter the loss on Schedule K
(Form 11208), line 5.) 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 as a long-term capital gain on Schedule D and skip lines 8, 9, and 12 below.

8 Nonrecaptured net section 1231 losses from prior years. (See instructions.)
9 Subtract line 8 from line 7. If zero or less, enter zero

if line 9 is zero, enter the amount from line 7 on line 12 below. i line 9 is more than zero, enter t the amount from line 8 on nine 2 below, and enter the
amount from line 9 as a long-term capital gain on Schedule D. See specific instructions for line 9.

Ordinary Gains and Losses

(e) Depreciation (f) Cost or other
(a) Description of | (b)Date acquired |  (c) Date sold (A) Gross sales ( allowed ) basis, plus & LOSS Oean )
property (mo., day, yr.) (mo., day, yr. price ‘or allowable) improvements and
since acquisition expense of sale sum of (d) and (e)) minus (f))

10 Ordinary gains and losses not included on lines 11 through 16 (include property held 6 months or less) (1 year or less if acquired after 12/31/87)

11 Loss, ifany, fromline7 . . cs
12 Gain, if any, from line 7, oramount from line Bi applicable. a

13 Gain, ifany, fromline31, Part... . 177/ 1]
14 Net gain or (loss) from Form 4684, Section B, lines 13and 20a

15 Ordinary gain from installment sales from Form 6252, line(s) 22and/or30. 6... ee a

16 Recapture of section 179 deduction for partners and S corporation shareholders from property spats by a7/ MM
partnerships and S corporations. (see instructions) . Ce ee oe

17 Add lines 10 through 16 in columns(g)and(h). . . . . . i )

18 Combine columns (g) and (h) of line 17. Enter gain or (loss) here, and on the appropriate lineas follows: woe ee
a Forall except individual returns: Enter the gain or (loss) from line 18, on the return being filed Yyf Y) 7

b For individual returns: ca 7777 Mi

(1) If the loss on line 11 includes a loss from Form 4684, Section B, Part Il, column oxi. enter that part ofthe loss here and
on line 18 of Schedule A (Form 1040). Identify as from “Form 4797, line 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 15.

For Paperwork Reduction Act Notice, see page 1 of separate instructions. Form 4797 (1987)



Form 4797 (1987) Page 2

xladus Gain From Disposition of Property Under Sections 1245, 1250, 1252, 1254, and 1255
Skip section 1252 on line 27 and in the instructions if you did not dispose of farmland or if you are a partnership.

19 Description of sections 1245, 1250, 1252, 1254, and 1255 property: eae aaues me
A
B —
c
D
Property Property Property Property
Relate lines 19A through 19D to these columns > PPP A B c D

20 Gross sales price .
21 Cost or other basis plus expense of sale

22 Depreciation (or depletion) allowed (or allowable) .
23 Adjusted basis, subtract line 22 from line 21
24 Total gain, subtract line 23 from line 20

25  Ifsection 1245 property:
a Depreciation allowed (or allowable) (see instructions) .
b_Enter smaller of line 24 or 25a

26 If section 1250 property: (If straight line depreciation was used, enter
zero on line 26g unless you are a corporation subject to section 291.)

a Additional depreciation after 12/31/75 .

o

Applicable percentage times the smaller of line 24 or line 26a (see
instructions). rn Se

¢ Subtract line 26a from line 24. If line 24 is not more than line 260,
skip lines 26d and 26e . .

d Additional depreciation after 12/31/69 and before 1/1/76 .

Applicable percentage times the smaller of line 26c or 26d (see
instructions). . .

f Section 291 amount (for corporations only)
g Add lines 26b, 26e, and 26f

27  Ifsection 1252 property:
a Soil, water, and land clearing expenses

b Line 27a times applicable percentage (see instructions)
c_Enter smaller of line 24 or 27b

28 = If section 1254 property:

a Intangible drilling and development costs deducted after
12/31/75 (see instructions) Loe
b_Enter smaller of line 24 or 28a

29° Ifsection 1255 property:

a Applicable percentage of payments excluded from income under
section 126 (see instructions)

b_Enter the smaller of line 24 or 29a .

Summary of Part III Gains (Complete property columns nN ‘through D through line 29b before going to line 30.)

30 Total gains for all properties (add columns A through D, line 24)

31 Addcolumns A through D, lines 25b, b, 268, 27c, 28b, and 29b. Enter here and in Part Il, line 13. (See the instructions to Part IV if
this is an installment sale.)

32 Subtract line 31 from line 30. Enter the portion from casualty and theft on Form 2684, Section B, line 15; 5; enter the pet from
other than casualty and theft on Form 4797, Part, line 5. :

ixiaaig Complete This Part Only if You Elect Out of the Installment Method and Report a a Note or Other Obligation at
Less Than Full Face Value

33 Check here if youelect out of theinstallmentmethod. . 2. 6 ee ee eee eee

34 Enterthe face amount of the note or other obligation... ee »

35__Enier the percentage of valuation of the note or other obligation.

Computation of Recapture Amounts Under Sections 179 and 280F When Business Use Drops to 50% or Less
(See instructions for Part V.)

(a) Section 179 | (b) Section 280F

1 Section 179 expense deduction or section 280F recovery deductions
2 Depreciation or recovery deductions (see instructions) .
3__Recapture amount. (Subtract line 2 from line 1. See instructions forwhere to report.)