Schedule Cgt - Capital Gains Tax Recalculation Form
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3Schedule CGT. Capital Gains Tax Recalculation
Massachusetts Department of Revenue
This schedule should be used if you already filed a 1996, 1997 and/or 1998 income tax return and you are electing to recalculate your capital gains and losses based
on the new provisions which allow for: the netting of long-term (losses) against long-term gains; the netting of long-term (losses) against short-term gains; the netting of
short-term (losses) against long-term gains; and excess deductions against your trade or business. Be sure to enclose Schedules B-CGT, D-CGT and/or C-2-CGT, if ap-
plicable.
Your first name and initial
Last name
Social Security number
Spouse’s first name and initial
Spouse’s last name
Spouse’s Social Security number
Present street address (and apartment number)
PO box number
Check box if address changed since
filing original return.
City/Town/PO box number
State
Zip
Check here if using whole dollar
method
Part 1. 1996 Capital Gains Tax Recalculation
A.
B.
C.
Amount on
Net change —
original
Recalculated
increase or
Note: Column B of lines 2, 3 and 4 cannot be less than “0.”
return
amount
(decrease)
11 Tax on 5.95% income. You must enter the amount from your original
return in line 1, columns A and B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
12 Total 12% tax. See instructions. Enclose Mass. Schedule B-CGT. . . . . . . 2
13 Total 5% tax. See instructions.
Enclose Massachusetts Schedule D-CGT . . . . . . . . . . . . . . . . . . . . . . . . . 3
14 Total tax. Add lines 1 through 3. If claiming No Tax Status, check box
and enter “0” in column B. Enclose Massachusetts AGI worksheet. . . . . . 4
15 Credits.* Enter amount from worksheet in instructions in column B. . . . . . 5
16 Tax after credits. Subtract line 5 from line 4 . . . . . . . . . . . . . . . . . . . . . . . . 6
17 Voluntary contributions. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
18 Tax after credits plus voluntary contributions. Add line 6 and line 7 . . . . . . . . . . . . . . . . . . . . . . . . 8
19 Massachusetts income tax withheld . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
10 1995 overpayment applied to your 1996 estimated tax (do not enter 1995 refund). . . . . . . . . . . 10
11 1996 Massachusetts estimated tax payments (do not include amount in line 10) . . . . . . . . . . . . 11
12 Payments made with extension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
13 Other payments. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
14 Total payments. Add lines 9 through 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
15 Overpayment, if any, as shown or as adjusted on original return. . . . . . . . . . . . . . . . . . . . . . . . . 15
16 Net payments. Subtract line 15 from line 14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
17 Amount of your overpayment. If line 16 is more than line 8, subtract line 8 from line 16 . . . . . . . 17
You must select one only:
a
I elect to have the amount shown in line 17 refunded.
b
I elect to have the amount shown in line 17 applied as a credit to my 1997 income tax.
If you have already filed a 1997 tax return, enter the amount from line 17 in Part 2, line 18.
If you have not filed a 1997 tax return, see instructions.
18 Additional tax due. If line 16 is less than line 8, subtract line 16 from line 8 . . . . . . . . . . . . . . . . . 18
*The total amount of credits must be decreased by the amount of any Schedule B-1 credit claimed on your original return. See instructions.
Be sure to complete pages 2 and 3 of this schedule.
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