Schedule F (Il-1041) Instructions Page 2
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2Lines 4 through 6
date. Attach a bona fide, independent written appraisal as of
August 1, 1969, made by a competent appraiser of recognized
Follow the instructions on Schedule F.
standing and ability, to support the readily ascertainable
fair market value. Book value is not generally acceptable as
Lines 7 through 9, Column 2 -
evidence of the August 1, 1969, fair market value.
Refer to Step 6 of each Schedule K-1-P and K-1-T you are
Other Properties: Fair Market Value Not Readily
•
completing to report each beneficiary’s share of the appreciation
Ascertainable - (The Number-of-Months Method)
If the
amounts.
fair market value of the property was not readily ascertainable
Line 7
on August 1, 1969, write a fraction (also called “applicable
fraction”) whose numerator is the number of full calendar
Column 1
- Write the amount from Line 4. This is the total
months you held the property before August 1, 1969, and
pre-August 1, 1969, appreciation amount for Sections 1245 and
whose denominator is the total number of full calendar months
1250 gain.
you held the property. Do not include in the numerator or
Column 2
- Write the beneficiaries’ share of the amount shown
denominator the month that you acquired or disposed of the
on Line 7, Column 1. Write each beneficiary’s share on each
property. If the property was acquired in July, 1969, write zero
Schedule K-1-T, Step 6, Line 47, Column A.
in Columns H and J.
Column 3
- Write the fiduciary’s share of the amount shown on
Column I
- If you wrote the fair market value of the property in
Line 7, Column 1.
Column H, write in Column I the federal income tax basis of the
property (for determining gain) as of August 1, 1969. Federal
Line 8
income tax basis is the amount you would have written as “cost or
Column 1
- Write the amount from Line 5. This is the total
other basis” on U.S. Form 1041, Schedule D, or U.S. Form 6252 if
pre-August 1, 1969, appreciation amount for Section 1231 gain.
you had sold the property on August 1, 1969.
Column 2
- Write the beneficiaries’ share of the amount shown
If you wrote a fraction in Column H, leave Column I
on Line 8, Column 1. Write each beneficiary’s share on each
blank.
Schedule K-1-T, Step 6, Line 48, Column A.
Column J
- If you wrote the fair market value or an appraisal
Column 3
- Write the fiduciary’s share of the amount shown on
value of the property in Column H, subtract Column I from
Line 8, Column 1.
Column H and write the difference. However, if Column I is equal
to or greater than Column H, write zero. If you wrote a fraction in
Line 9
Column H, multiply Column D by the fraction and write the result.
Column 1
- Write the amount from Line 6. This is the total
Column K
- Write the smaller of Column E or Column J. If you
pre-August 1, 1969, appreciation amount for capital assets.
show no amount in Column E, write zero in Column K.
Column 2
- Write the beneficiaries’ share of the amount shown
Column L
- Write the smaller of Column F or the result of
on Line 9, Column 1. Write each beneficiary’s share on each
subtracting Column K from Column J. If Column F is blank, write
Schedule K-1-T, Step 6, Line 49, Column A.
zero in Column L.
Column 3
- Write the fiduciary’s share of the amount shown on
Column M
- Write the smaller of Column G or Column J. If
Line 9, Column 1.
Column G is blank, write zero in Column M.
Lines 10 through 13
Line 2
Follow the instructions on Schedule F.
Refer to all Schedules K-1-P, Partner’s or
Line 14
Shareholder’s Share of Income, Deductions, Credits, and
Recapture, you received from partnerships or S corporations,
If you received a lump-sum distribution from a qualified employee
and all Schedules K-1-T, Beneficiary’s Share of Income and
benefit plan and a portion of that distribution was reported as
Deductions, you received from trusts or estates for the amounts
capital gain on your U.S. Form 1041, Schedule D, you must
to write on Line 2, Columns K, L, and M.
include your share of the amount of the capital gain on this
line. (You may claim the subtraction for this capital gain on your
Column K
- Write your share of any pre-August 1, 1969,
Form IL-1041, Line 14b, not on Schedule F. See Form IL-1041
appreciation amounts for Sections 1245 and 1250 gain, or capital
instructions.)
assets, from Schedule K-1-P, Step 6, Line 48, Column A, and
Schedule K-1-T, Step 6, Line 47, Column A.
If you sold employer securities received in a distribution from a
qualified employee benefit plan and realized gain on the sale,
Column L
- Write your share of any pre-August 1, 1969,
include on Line 14 your share of the amount from Form IL-4644,
appreciation amounts (including involuntary conversions by
Line 13.
casualty or theft) for Section 1231 gain from Schedule K-1-P,
Step 6, Line 49, Column A, and Schedule K-1-T, Step 6, Line 48,
If you are a beneficiary of another estate or trust that
Column A.
received a capital gain distribution from a qualified employee
benefit plan or realized a capital gain on the disposition of certain
Column M
- Write your share of capital gain appreciation
employer securities that were distributed under such a plan, the
amounts from Schedule K-1-P, Step 6, Line 51, Column A, and
amount of the gain you received as a beneficiary of such estate
Schedule K-1-T, Step 6, Line 49, Column A.
or trust may be subject to limitation. The trustee or fiduciary must
Line 3
notify you of your share of the limitation. Include the amount of
your share of such limitation on Line 14.
Write any gain you realized from a sale of employer securities
Lines 15 through 18
received in a distribution from a qualified employee benefit plan.
You will find the amount on Form IL-4644, Gains from Sales
Follow the instructions on Schedule F.
of Employer’s Securities Received from a Qualified Employee
Benefit Plan, Line 18.
Schedule F (IL-1041) Instructions back (R-12/13)
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