Schedule Gi Template - Tax Determination On Built-In Gains

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Schedule GI
(P, SP, CI)
TAX DETERMINATION ON BUILT-IN GAINS
Rev. 05.13
20__
Taxable year beginning on __________, 20____ and ending on __________, 20____
Entity's Name
Employer Identification Number
Type of Entity:
Partnership
Special Partnership
Corporation of Individuals
Built-In Gain and Loss Not Realized
Part I
(A)
(B)
(C)
(D)
(E)
Description of property
Date acquired
Date of
Market value at the time of
Adjusted basis at the
Built-in gain or loss
conversion
conversion
time of conversion
not realized
00
00
00
00
00
00
00
00
00
00
1.
Total ......................................................................................................................................................................................
(1)
00
2.
Net built-in gain recognized on previous years ..............................................................................................................................
(2)
00
3.
Total net built-in gain not realized (Subtract line 2 from line 1) (Transfer to Part IV, line 6) .....................................................................
(3)
Built-In Gain Recognized (Assets sold during the year)
Part II
(B)
(C)
(D)
(E)
(F)
(G)
(A)
Description of property
Date acquired
Date
Sale price
Allowable depreciation
Costs or other basis and
Selling expenses
Gain
sold
improvement costs
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
1.
Total ...............................................................................................................................................................................................
(1)
00
2.
Built-in gain not realized on assets sold during the year (From Part I) .......................................................................................................
(2)
00
3.
Built-in gain recognized (Enter the smaller of lines 1 and 2) .....................................................................................................................
(3)
Built-In Loss Recognized (Assets sold during the year)
Part III
(A)
(B)
(C)
(D)
(E)
(F)
(G)
Description of property
Date acquired
Date
Sale price
Allowable depreciation
Costs or other basis and
Selling expenses
Loss
sold
improvement costs
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
1.
Total ...............................................................................................................................................................................................
00
(1)
2.
Built-in loss not realized on assets sold during the year (From Part I) .......................................................................................................
00
(2)
3.
Built-in loss recognized (Enter the smaller of lines 1 and 2) ......................................................................................................................
00
(3)
Tax on Net Built-In Gain Recognized
Part IV
00
1.
Built-in gain recognized (Same as Part II, line 3) .............................................................................................................................
(1)
00
2.
Built-in loss recognized (Same as Part III, line 3) ..........................................................................................................................
(2)
00
3.
Excess of built-in gain recognized over built-in loss recognized (Subtract line 2 from line 1) ....................................................................
(3)
00
4.
Carryover net built-in gain not recognized on previous years ...............................................................................................................
(4)
00
5.
Total net built-in gain recognized (Add lines 3 and 4) ..........................................................................................................................
(5)
00
6.
Net built-in gain not realized (Same as Part I, line 3) .........................................................................................................................
(6)
00
7.
Net built-in gain recognized before other adjustments (Enter the smaller of lines 5 and 6) ........................................................................
(7)
00
8.
Adjustment on income and deductions .........................................................................................................................................
(8)
00
9.
Net built-in gain recognized (Subtract line 8 from line 7) ....................................................................................................................
(9)
00
10.
Net taxable income ...................................................................................................................................................................
(10)
00
11.
Net built-in gain recognized before operating or carry forward capital losses (Enter the smaller of lines 9 and 10) ......................................
(11)
00
12.
Carry forward losses ................................................................................................................................................................
(12)
00
13.
Net built-in gain recognized subject to tax (Subtract line 12 from line 11) ..................................................................................................
(13)
00
14.
Tax determined (Multiply line 13 by 30%) .......................................................................................................................................
(14)
Retention Period: Ten (10) years

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