com 4797 Sales of Business Property

(Also, Involuntary Conversions and Recapture Amounts Under
Sections 179 and 280F)

OMB No, 1545-0184

1989

Department of the Treasury
Internal Revenue Service > Attach to your tax return. See separate Instructions. seca. 27
Name(s) shown on return Identifying number
| Part || Sales or Exchanges of Property Used in a Trade or Business and Involuntary Conversions From Other Than
Casualty and Theft—Property Held More Than 1 Year
T Enter here the gross proceeds from the sale or exchange of real estate reported to you for 1989 on Form(s) 1099-S
(or an equivalent statement) that you will be including on lines 2 or 10 (Column a, oF online 20. (Form 1 1099-5 is a
Statement for Recipients of Proceeds From Real Estate Transactions.) .. 1
(e) Depreciation ry Cost or other
(2) Description of | (Date caured | (@) Dat sol (&) Gross sales allowed basis pus Pos, Qantey
ropert) (mo., day, yr.) (mo., day, yr.) (or allowable) improvements anc
propery yd pee since acquisition expense of sale ‘sum of (d) and (e)) minus (f))
2
3 Gain, if any, from Form 4684, Section B, line 21 oe
4 Section 1231 gain from installment sales from Form 6252, line 22030. ]/]
5 Gain, if any, from line 32, from other than casualtyandtheft. . . 2... 1. we ee
6 Add lines 2 through 5 incolumns(g)and(h). 2. ee eee ee )
7

Combine columns (g) and (h) of line 6. Enter gain or * Clos) here, and on the appropriate line as follows (partnerships s see the
Instructions for line references): : rn : a
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 1120S), 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.

C

Nonrecaptured net section 1231 losses from prior years (see Instructions) .
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. If line 9 is more than zero, enter the amount from line 8 on line 12 below, and enter the

amount from line 9 as a long-term capital gain on Schedule D. See Line-by-Line Instructions for line 9,

Ordinary Gains and Losses

(e) Depreciation | (f) Cost or other (@ Loss
(a) Description of | (b) Date acquired (c) Date sold (d) Gross sales allowed basis, plus (animus the
property (mo., day, yr.) (mo., day, yr.) price (orallowable) | improvements and | OFT and (ey)
since acquisition | _ expense of sale

(h) GAIN
(Gd) plus (e)
minus (f))

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. Mh
12 Gain, if any, from line 7, or amount from line 8 if applicable
13 Gain, if any, from line 31 MMM
14 Net gain or (loss) from Form 4684, Section B, lines 13 and 20a te
15 Ordinary gain from installment sales from Form 6252, line(s) 21 and/or29. . . . . 2 ee
16 Recapture of section 179 deduction for partners and $ corporation shareholders from property dispositions by 7] Ms
partnerships and S corporations (see Instructions) an
17 Add lines 10 through 16 in columns (g)and(h), . . . .. U )
18 Combine columns (g) and (h) of line 17. Enter gain or (loss) here, and on the appropriate line as follows:
a Forall except individual returns: Enter the gain or (loss) from line 18 on the return being filed.
b For individual returns: Ij

(2) If the loss on line 11 includes a loss from Form 4684, Section B, Part II, column (b)ii), enter that part of the loss here and
on line 21 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, ‘ine 15

For Paperwork Reduction Act Notice, see page 1 of separate Instructions. Form 4797 1989)


Form 4797 (1989) Page 2
Gain From Disposition of Property Under Sections 1245, 1250, 1252, 1254, and 1255

19 Description of sections 1245, 1250, 1252, 1254, and 1255 property: Pate acauired ney
A
B
c
D
Property Property Property Property
Relate lines 19A through 19D to these columns > A B c D

20 = Gross sales price .
21 Cost or other basis plus expense eof sale .
22 Depreciation (or depletion) allowed (or allowable) . .
23 = Adjusted basis, subtractline 22 fromline21 . . . . . 5 s
24 Total gain, subtract line 23 from line 20.
25 If section 1245 property:
a Depreciation allowed (or allowable) (see Instructions) .
b_Enter the 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 .

b Applicable percentage multiplied by the smaller of line 24 or line
26a (see Instructions) . errr

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

d Additional depreciation after 12/3 1/69 and before iyr6 .

# Applicable percentage mutinlied by the smaller of line 26c or 26d
(see Instructions)... . Loe

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

27 If section 1252 property: Skip this section if you did not dispose of
farmland or if you are a partnership.

a Soil, water, and land clearing expenses. .
b Line 27a multiplied by applicable percentage (see Instructions)
¢_Enter the smaller of line 24 or 27b a.

28 Ifsection 1254 property:
a _ Intangible drilling and development costs, expenditures for development of mines
and other natural deposits, and mining exploration costs (see Instructions) .
b_Enter the smaller of line 24 or 28a

29 Ifsection 1255 property:

a Applicable percentage of payments excluded from income under
section 126(see Instructions). © 2... 1 ee

b_Enter the smaller of line 24 or 29a_.

Summary of Part Ill Gains (Complete property columns A 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, 268, 27c, 28b, and 29b. Enter here and on line 13. (see the Instructions for Part IV if this is
aninstallmentsale) . . rn

32 Subtract line 31 from line 30. ‘Enter the portion from casualty and theft on Form 2684, Section B, line 215, Enter the parton from
other than casualty and theft on Form 4797, line 5

ix14ahg Complete This Part Only if You Elect Out of the Installment! Method and Report a Note or Other Obligation at
Less Than Full Face Value

33° Checkhere if youelect out of the installmentmethod. 2. ee ee ee ee PO

34 Enterthe face amount of thenoteorotherobligation . ee

35 _ Enter 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

36 Section 179 expense deduction or section 280F recoverydeductions . . . 1 1 1 1 ee
37 Depreciation or recovery deductions (see Instructions) . Le
38 _Recapture amount (subtract line 37 from line 36) (see Instructions for where to report) .