Sales of Business Property Form 4797 (Also Involuntary Conversions and Recapture Amounts

Under Sections 179 and 280F(b)(2)) Department of the Treasury 

Internal Revenue Service

Attachment 

© Attach to your tax return. © See separate instructions. Sequence No. 27

Name(s) shown on return Identifying number

Sales or Exchanges of Property Used in a Trade or Business and Involuntary Conversions From

Other Than Casualty or Theft—Property Held More Than 1 Year

Enter here the gross proceeds from the sale or exchange of real estate reported to you for 1994 on Form(s) 1099-S

(or a substitute statement) that you will be including on line 2, 11, or 22

1

1

(f) Cost or other

basis, plus

improvements and

expense of sale

(e) Depreciation

allowed

or allowable since

acquisition

(h) GAIN

((d) plus (e)

minus (f))

(g) LOSS

((f) minus the sum

of (d) and (e))

(c) Date sold 

(mo., day, yr.)

(b) Date acquired

(mo., day, yr.)

(a) Description of

property

(d) Gross sales

price

2

3 Gain, if any, from Form 4684, line 39 

4 Section 1231 gain from installment sales from Form 6252, line 26 or 37 

Gain, if any, from line 34, from other than casualty or theft 

5

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

6

Combine columns (g) and (h) of line 7. Enter gain or (loss) here, and on the appropriate line as follows:

7

Partnerships—Enter the gain or (loss) on Form 1065, Schedule K, line 6. Skip lines 9, 10, 12, and 13 below.

S corporations—Report the gain or (loss) following the instructions for Form 1120S, Schedule K, lines 5 and 6. Skip

lines 9, 10, 12, and 13 below, unless line 8 is a gain and the S corporation is subject to the capital gains tax.

All others—If line 8 is zero or a loss, enter the amount on line 12 below and skip lines 9 and 10. If line 8 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 9, 10, and 13 below.

Nonrecaptured net section 1231 losses from prior years (see instructions) 

8

9

Subtract line 9 from line 8. If zero or less, enter -0-. Also enter on the appropriate line as follows (see instructions):

S corporations—Enter this amount (if more than zero) on Schedule D (Form 1120S), line 13, and skip lines 12 and 13 below.

All others—If line 10 is zero, enter the amount from line 8 on line 13 below. If line 10 is more than zero, enter the amount from line 9 on line

13 below, and enter the amount from line 10 as a long-term capital gain on Schedule D.

Ordinary Gains and Losses

10

Ordinary gains and losses not included on lines 12 through 18 (include property held 1 year or less):

Loss, if any, from line 8 

11

Gain, if any, from line 8, or amount from line 9 if applicable 

12

Gain, if any, from line 33 

13

Net gain or (loss) from Form 4684, lines 31 and 38a 

14

Ordinary gain from installment sales from Form 6252, line 25 or 36 

15

Recapture of section 179 expense deduction for partners and S corporation shareholders from

property dispositions by partnerships and S corporations (see instructions) 

16

( ) Add lines 11 through 18 in columns (g) and (h) 

17

Combine columns (g) and (h) of line 19. Enter gain or (loss) here, and on the appropriate line as follows: 

18

a For all except individual returns: Enter the gain or (loss) from line 20 on the return being filed.

b For individual returns:

If the loss on line 12 includes a loss from Form 4684, line 35, column (b)(ii), enter that part of the loss here and

on line 22 of Schedule A (Form 1040). Identify as from “Form 4797, line 20b(1).” See instructions 

(1)

(2) Redetermine the gain or (loss) on line 20, excluding the loss, if any, on line 20b(1). Enter here and on Form 1040, line 14

For Paperwork Reduction Act Notice, see page 1 of separate instructions. Cat. No. 13086I Form 4797 (1994)

Part I

Part II

OMB No. 1545-0184

Section 1231 gain or (loss) from like-kind exchanges from Form 8824 

Ordinary gain or (loss) from like-kind exchanges from Form 8824 

19

20

3

4

5

6

7

8

9

10

12

13

14

15

16

17

18

19

20

20b(1)

20b(2)

(99)
Form 4797 (1994) Page 2

Gain From Disposition of Property Under Sections 1245, 1250, 1252, 1254, and 1255

(c) Date sold

(mo., day, yr.)

(b) Date acquired

(mo., day, yr.) (a) Description of section 1245, 1250, 1252, 1254, or 1255 property:

A

B

C

D

Relate lines 21A through 21D to these columns © Property A Property B Property C Property D

Gross sales price (Note: See line 1 before completing.) 

Cost or other basis plus expense of sale 

21

Depreciation (or depletion) allowed or allowable 

22

Adjusted basis. Subtract line 24 from line 23 

23

Total gain. Subtract line 25 from line 22 

24

If section 1245 property:

25

a Depreciation allowed or allowable from line 24 

b Enter the smaller of line 26 or 27a 

If section 1250 property: If straight line depreciation was used, enter

-0- on line 28g, except for a corporation subject to section 291.

26

a Additional depreciation after 1975 (see instructions) 

Applicable percentage multiplied by the smaller of line 26

or line 28a (see instructions) 

b

Subtract line 28a from line 26. If residential rental property

or line 26 is not more than line 28a, skip lines 28d and 28e

c

d Additional depreciation after 1969 and before 1976 

e Enter the smaller of line 28c or 28d 

f Section 291 amount (corporations only) 

g Add lines 28b, 28e, and 28f 

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.

a Soil, water, and land clearing expenses 

b Line 29a multiplied by applicable percentage (see instructions) 

c Enter the smaller of line 26 or 29b 

If section 1254 property:

28

Intangible drilling and development costs, expenditures for

development of mines and other natural deposits, and

mining exploration costs (see instructions) 

a

b Enter the smaller of line 26 or 30a 

If section 1255 property:

29

Applicable percentage of payments excluded from income

under section 126 (see instructions) 

a

b Enter the smaller of line 26 or 31a 

Summary of Part III Gains. Complete property columns A through D, through line 31b before going to line 32.

Total gains for all properties. Add columns A through D, line 26 

30

Add columns A through D, lines 27b, 28g, 29c, 30b, and 31b. Enter here and on line 14 

31

Subtract line 33 from line 32. 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 

32

33

34

35

Recapture Amounts Under Sections 179 and 280F(b)(2) When Business Use Drops to 50% or Less

See instructions.

(b) Section 

280F(b)(2)

(a) Section

179

Section 179 expense deduction or depreciation allowable in prior years 

36 Recomputed depreciation. See instructions

37 Recapture amount. Subtract line 36 from line 35. See the instructions for where to report

Part IV

Part III

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26

27a

28a

29a

30a

31a

28b

28c

28d

28e

28f

28g

29b

29c

30b

31b

27b

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