‘ OMB No. 1545-0184
- 4 7 9 7 Sales of Business Property [OME No. 1545-0184
om (Also, Involuntary Conversions and Recapture Amounts Under 1 988
Sections 179 and 280F)
Department of the Treasury . Attachment
Internal Revenue Service > 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 1 Year (More Than 6 Months If Acquired Before 1/1/88)
T Enter here the gross proceeds from the sale or exchange of real estate reported to you for 1988 on Form(s) 1099-S
(or an equivalent statement) that you will be including on lines 2 or 10 (colurnn %, or on line 20. Form 1 1099-S is a
Statement for Recipients of Proceeds From Real Estate Transactions.) ._. 1
) Depreciation 0 Cost or other
(2) Description of | (b) Date acquired {c) Date sold (d) Gross sales allowed basis, pls 4 Fos, Grouse
.. day, , day, improvements an
property (mo., day, yr.) (mo., day, yr.) price si tcaceaeiton i expense of Sie” | Sum of (d) and (e)) minus (f))

2

3 Gain, if any, from Form 4684, Section B, line 21

4 Section 1231 gain from installment sales from Form 6252, line 22 or 30

5 Gain, if any, from Part Ill, line 32, from other than casualty and theft. oe

6 Add lines 2 through 5incolumns(g)and(h). 2. ee ee ee ee LC )

7

Combine columns (g) and (h) of line 6. Enter gain or (oss) here, and on the appropriate line as follows (partnerships see the
Instructions for line references): : :
If line 7 is zero or a loss, enter the amount on line 11 below and skip ir lines 8 and 9. 6 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.

o

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

Ifline 9 is zero, enter the amount from line 7 online 12 below. If line 9is more than zero, enter the amount from line & on line 12 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 | &) Date acquired (c) Date: sald (d) Gross sales ( allowed ) basis,plus | « oe LOSS ie gan,
prope mo., day, YF. (mo., day, yr. rice (or allowable) | improvements an

¥ ‘ yve) , since acquisition expense of sale sum of (d) and (e)) minus (1)

10 Ordinary gains and losses not included on lines 11 through 16 (include property held 1 year or less) (6 months or less if acquired before 1/1/88):

11 Loss, ifany, fromline7. . . . Ce Ms
12 Gain, if any, from line 7, or amount from line 8 if applicable woe
13 Gain, if any, from line 31, Part Ill .

14 Net gain or (loss) from Form 4684, Section B, lines 13and 20a

15 Ordinary gain from installment sales from Form 6252, line(s) 21 and/or29. . . . . sone

16 Recapture of section 179 deduction for partners and S corporation shareholders from property onto ty
partnerships and S corporations (see Instructions) Co ee Lo
17 Add lines 10 through 16 incolumns(g)and(h). . . . .. o )
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: Yj
(1) If the loss on line 11 includes a loss from Form 4684, Section B, Part Il, column conti, enter that part of the loss here and 7
on line 21 of Schedule A (Form 1040). Identify as from “Form 4797, line 186(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 (1988)

Ms



Form 4797 (1988) Page 2

J Part 111] 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.

Date acquired Date sold

19 Description of sections 1245, 1250, 1252, 1254, and 1255 property: Cate acauired (mga
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 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. 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. . . . 1. we

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

°

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

Additional depreciation after 12/31/69 and before ire .
e Applicable percentage times the smaller of line 26c or 26d (see
Instructions). soe soe eee
f Section 291 amount (for corporations only) . rn
g Add lines 26b, 26e, and 26f_. ee
27° If section 1252 property:
a Soil, water, and land clearing expenses
b Line 27a times applicable percentage (see Instructions)
c_Enter the smaller of line 24 or 27b

a

28 = If section 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). . . . . 1.
b_Enterthe smaller ofline24or29a_._.
Summary of Part Ill Gains (Complete property columns ry through D through line 29b before going to line 30.)

30 Total gains for all properties (add columns A through D,line24) . . . . 1 1 ee . Fo
31° Addcolumns A through D, lines 25b, 268, 27c, 28b, and 29b. Enter here and in Part I, line 13. seth nstuctons for Part IV if
this is an installment sale)
32 Subtract line 31 from line 30. Enter t the portion from casualty and theft on Form 2684, Section B, ‘ine 15. Enter the parton from
other than casualty and theft on Form 4797, Part, line 5
ixaghg Complete This Part Only if You Elect Out of the Installment | Method and Reporta a Note or Other Obligation at
Less Than Full Face Value

33 Check here if youelect out of the installmentmethod. . 6. 6 eee ee ee ee PO
34 Enter the face amount of the note or other obligation .
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 7 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 for where to report)