Schedule F (Il-1041) Instructions

ADVERTISEMENT

Illinois Department of Revenue
Schedule F (IL-1041) Instructions
General Information
What is the purpose of Schedule F?
Do not file Schedule F for any distribution from an employee
pension, profit-sharing or stock bonus plan, or gains from the
The purpose of this schedule is to determine, for certain property
disposition of employer securities even though it was reported on
acquired before August 1, 1969, the amount of appreciation
U.S. Form 1041, Schedule D. Refer to the instructions for Form IL-
that is attributable to the period between the date you acquired
1041, Line 14, to claim an exemption for distributions from these
the property and August 1, 1969. Illinois does not tax the gain
plans. Refer to instructions for Form IL-4644, to claim an exemption
resulting from appreciation that accrued before that date, which
for gains on the disposition of employer securities.
is the effective date of the Illinois Income Tax Act. The amount of
Should I attach copies of other forms?
appreciation that accrued before August 1, 1969, is often called
the “valuation limitation amount” or the “pre-August 1, 1969,
If you filed any of the following forms or schedules, you must
appreciation amount.”
attach copies of them to your Schedule F: U.S. Form 1041,
Who should file Schedule F?
Schedule D; U.S. Form 4797; and U.S. Form 6252.
For installment sales, see the instructions on the back
You should file Schedule F only if
of Schedule F.
• you reported a capital gain from property that you acquired
before August 1, 1969, and you have a net capital gain on U.S.
What if I need additional assistance?
Form 1041, Schedule D, Capital Gains and Losses; or
• you reported a gain on U.S. Form 4797, Sales of Business
If you need additional assistance,
Property, from Sections 1231, 1245, and 1250 property
• visit our website at tax.illinois.gov;
acquired before August 1, 1969; or
• write us at P.O. Box 19044, Springfield, Illinois 62794-9044;
• you reported a gain on U.S. Form 6252, Installment Sale
• call our Taxpayer Assistance Division, at 1 800 732-8866 or
Income, from an installment sale on property acquired
217 782-3336, or
before August 1, 1969.
• call our TDD (telecommunications device for the deaf) at
1 800 544-5304.
Our office hours are 8:00 a.m. to 5:00 p.m., Monday through
Friday.
Specific Instructions
Line 1
U.S. Form 6252: Write the amount from Line 26.
U.S. Form 4797: Use the following formula and write the
Column A
- Write the description of the property or full name of
result.
security as shown on your
Line 24 - (Line 25b + Line 26g)
U.S. Form 1041, Schedule D,
Where there is a disposition of Section 1251, 1252,
U.S. Form 4797, or
1254, or 1255 property, the sum of the amounts in Columns E
U.S. Form 6252.
and F may be less than the amount in Column D.
Column B
- Write the month and year you acquired the property.
Column G
- Write the gain shown on U.S. Form 1041,
For securities you acquired through the exercise of rights,
Schedule D.
warrants, or options, write the date exercised.
Column H
- Write the fair market value on August 1, 1969, or
Column C
- Write the month and year you disposed of the
the “applicable fraction” for each property. Your entry for each
property.
property will depend upon whether the property was a listed
Column D
- Write the total gain reported this year from each
security on August 1, 1969, or, if it was not listed, whether you
disposition of property, including involuntary conversions by
have an appraisal of its fair market value as of August 1, 1969.
See below.
casualty or theft, as shown on
• Listed Securities: If the gain was from a security listed on a
U.S. Form 1041, Schedule D,
national securities exchange or quoted in the over-the-counter
U.S. Form 4797, or
market between July 28 and 31, 1969, write the market value
U.S. Form 6252.
of the property on August 1, 1969.
Do not write any transaction for which you incurred a
If the security was traded between July 28 and 31, 1969,
loss.
use the price of the last sale during the period to value the
Column E
- Write for each property the portion of Column D that
security. If the security was not traded during the period, use
is ordinary income under Section 1245 or 1250 of the Internal
the average of the bid and ask quotations on July 31, 1969, to
Revenue Code (IRC). This is reported on U.S. Form 4797, or U.S.
value the security.
Form 6252.
• Other Properties: Fair Market Value Readily
Ascertainable by Appraisal - If the gain was not from a
Column F
-
For each property figure the portion of Column D that
security traded or quoted between July 28 and 31, 1969,
is a gain under IRC, Section 1231 from either U.S. Form 6252 or U.S.
write the fair market value of the property on August 1, 1969,
Form 4797.
only if the fair market value was readily ascertainable on that
Schedule F (IL-1041) Instructions front (R-12/13)

ADVERTISEMENT

00 votes

Related Articles

Related forms

Related Categories

Parent category: Financial
Go
Page of 2