Looking for a Illinois Tax Forms And Templates? Download it for free!

Schedule F (IL-1065) Instructions

General Information

What is the purpose of Schedule F?

Should I attach copies of other forms?

The purpose of this schedule is to determine, for certain property

If you ﬁ led any of the following forms or schedules, you must

acquired before August 1, 1969, the amount of appreciation

attach copies of them to your Schedule F: U.S. Form 1065,

that is attributable to the period between the date you acquired

Schedule D; U.S. Form 4797; and U.S. Form 6252.

the property and August 1, 1969. Illinois does not tax the gain

For installment sales, see the instructions on the back

resulting from appreciation that accrued before that date, which

of Schedule F.

is the effective date of the Illinois Income Tax Act. The amount of

appreciation that accrued before August 1, 1969, is often called

the “valuation limitation amount” or the “pre-August 1, 1969,

What if I need additional assistance?

appreciation amount.”

If you need additional assistance,

Who should ﬁ le Schedule F?

• visit our web site at tax.illinois.gov;

• write us at P.O. Box 19044, Springﬁ eld, Illinois 62794-9044;

You should ﬁ le Schedule F only if

• call our Taxpayer Assistance Division, at 1 800 732-8866 or

•

you reported a capital gain from property that you acquired

217 782-3336, or

before August 1, 1969, and you have a net capital gain on U.S.

• call our TDD (telecommunications device for the deaf) at

Form 1065, Schedule D, Capital Gains and Losses; or

1 800 544-5304.

•

you reported a gain on U.S. Form 4797, Sales of Business

Our ofﬁ ce hours are 8:00 a.m. to 5:00 p.m., Monday through

Property, from Section 1231, 1245, and 1250 property

Friday.

acquired before August 1, 1969; or

•

you reported a gain on U.S. Form 6252, Installment Sale

Income, from an installment sale on property acquired

before August 1, 1969.

Speciﬁ c Instructions

Line 1

Column H -

Write the fair market value on August 1, 1969, or

the “applicable fraction” for each property. Your entry for each

Column A -

Write the description of the property or full name

property will depend upon whether the property was a listed

of security as shown on your U.S. Form 1065, Schedule D; U.S.

security on August 1, 1969, or, if it was not listed, whether you

Form 4797; or U.S. Form 6252.

have an appraisal of its fair market value as of August 1, 1969.

Column B -

Write the month and year you acquired the

See below.

property. For securities you acquired through the exercise of

Listed Securities:

•

If the gain was from a security listed on a

rights, warrants, or options, write the date exercised.

national securities exchange or quoted in the over-the-counter

Column C -

Write the month and year you disposed of the

market between July 28 and 31, 1969, write the market value

property.

of the property on August 1, 1969.

Column D

- Write the total gain reported this year from each

If the security was traded between July 28 and 31, 1969,

disposition of property, including involuntary conversions by

use the price of the last sale during the period to value the

casualty or theft, as shown on U.S. Form 1065, Schedule D; U.S.

security. If the security was not traded during the period, use

Form 4797; or U.S. Form 6252.

the average of the bid and ask quotations on July 31, 1969, to

value the security.

Do not write any transaction for which you incurred a

loss.

Other Properties: Fair Market Value Readily

•

Ascertainable by Appraisal -

If the gain was not from

Column E -

Write for each property the portion of Column D

a security traded or quoted between July 28 and 31, 1969,

that is ordinary income under Section 1245 or 1250 of the Internal

write the fair market value of the property on August 1, 1969,

Revenue Code (IRC). This is reported on U.S. Form 4797, or U.S.

only if the fair market value was readily ascertainable on that

Form 6252.

date. Attach a bona ﬁ de, independent written appraisal as of

August 1, 1969, made by a competent appraiser of recognized

Column F -

Write for each property the portion of Column

standing and ability, to support the readily ascertainable

D that is a gain under IRC, Section 1231. Find this amount by

fair market value. Book value is not generally acceptable as

subtracting the sum of U.S. Form 4797, Lines 25b, and 26g, from

evidence of the August 1, 1969, fair market value.

Line 24 of the same form, or on U.S. Form 6252, Line 26.

Other Properties: Fair Market Value Not Readily

•

Where there is a disposition of Section 1251, 1252,

Ascertainable - (The Number-of-Months Method)

1254, or 1255 property, the sum of the amounts in Columns E

If the fair market value of the property was not readily

and F may be less than the amount in Column D.

ascertainable on August 1, 1969, write a fraction (also called

Column G -

Write the gain shown on U.S. Form 1065,

“applicable fraction”) whose numerator is the number of full

Schedule D.

calendar months you held the property before August 1, 1969,

Page 3 of 4

Schedule F (IL-1065) (R-12/10)

Schedule F Draft - Attach To Form Il-1065 - Gains From Sales Or Exchanges Of Property Acquired Before August 1, 1969 - 2010 Page 3

Related Articles

Related forms

Related Categories