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MI-4797, Page 2

PART 3: Gain From Disposition of Property Under Sections 1245, 1250, 1252, 1254 and 1255

% Subject to Michigan Tax

Divide number of months after

Date acquired

Date sold

19. Description of Sections 1245, 1250, 1252, 1254 and 1255 property

10-1-67 by total number

(mo./day/yr.)

of months

(A)

(B)

(C)

(D)

Relate lines 19(A) through 19(D):

Property

to these columns

(A)

(B)

(C)

(D)

TOTAL

20.

Enter the amounts from U.S. 4797, line 24

21.

Enter here portion of gain subject to Michigan tax.

(Multiply gain on line 20 by percentage computed on line 19.)

22.

Enter from U.S. 4797 the total of lines 25(b), 26(g), 27(c),

28(b) and 29(b) in columns A through D

23.

Enter here portion of gain subject to Michigan tax.

(Multiply gain on line 22 by percentage computed on line 19.)

G. Federal

H. Michigan

24.

Enter in column G the total from line 20; enter in column H the total from line 21

25.

Enter in column G the total from line 22 and carry to line 13, column D.

Enter in column H the total from line 23 and carry to line 13, column F

26.

Subtract line 25 from line 24. Enter the portion in columns G and H from other

than casualty or theft on Part 1, line 6, columns D and F

INSTRUCTIONS FOR COMPLETING FORM MI-4797

File this form if you have gains from the disposition of property acquired prior to October 1, 1967, or if you have

gains or losses from property subject to allocation and apportionment provisions.

Lines not listed are explained on the form.

Line 6. Enter in column D the gain from line 26, column G.

Enter in column F the gain from line 26, column H.

The purpose of this form is to exclude from your Michigan taxable

income gains attributed to periods before October 1, 1967. To

Line 10. Enter other ordinary gains and losses from your U.S.

compute the portion subject to Michigan income tax, multiply the

4797. Enter federal gain or loss in column D. Enter portion of

total gain by a percentage computed by dividing the number of

gain or loss subject to Michigan income tax in columns E or F.

months held after September 30, 1967 by the total number of

months held. For the purpose of this computation, the first month

Line 13. Enter in column D the amount from line 25, column G.

may be excluded if acquisition took place after the 15th of the

Enter in column F the amount from line 25, column H.

month, and the last month may be excluded if disposal took place

before the 15th.

Line 14. Enter gain or loss from U.S. 4684, lines 31 and 38a. If

the gain or loss was from more than one casualty or theft, attach

Line 2. Enter on columns A, B, C, and D the corresponding

a copy of U.S. 4684 and a schedule showing the computation of

information from your U.S. 4797. For columns E and F enter the

gain or loss subject to Michigan income tax.

Line 20. Enter the total gain for each property from line 24 of

Line 3. Enter in column D any gain from U.S. 4684, line 39. In

your U.S. 4797 and enter the total gain for all properties in the

column F enter the gain subject to Michigan income tax. If the gain

total column.

was realized from more than one casualty or theft and some or all

of the property was acquired prior to October 1, 1967, attach a

Attach this form to your MI-1040 or MI-1041.

copy of U.S. 4684 and a schedule showing the computation of

Also attach a copy of your U.S. 4797 to your return.

gain subject to Michigan income tax.

Form Mi-4797 - Michigan Adjustments Of Gains And Losses From Sales Of Business Property - 2001 Page 2

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