Form Mi-4797 - Michigan Adjustments Of Gains And Losses From Sales Of Business Property - 2006
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Michigan Department of Treasury (Rev. 10-06), Page 1
Issued under authority of P.A. 281 of 1967.
Type or print in blue or black ink.
2006 MICHIGAN Adjustments of Gains and Losses
From Sales of Business Property MI-4797
Reported on U.S. 4797, see instructions on page 2. To be filed with MI-1040 or MI-1041 if you filed U.S. 4797.
Attachment Sequence No. 16
Filer's First Name
M.I.
Last Name
Filer's Social Security Number (Example: 123-45-6789)
If a Joint Return, Spouse's First Name
M.I.
Last Name
Spouse's Social Security Number (Example: 123-45-6789)
PART 1:
Sales or Exchanges of Property Used in Trade or Business and Involuntary Conversion
From Other Than Casualty or Theft - Property Held More Than 1 Year.
1.
Enter the gross proceeds from the sale or exchange of real estate reported to you as reported on U.S. 4797...........
B. Date
D. Federal
E. Gain (Loss) from
acquired
C. Date sold
Gain (Loss) from
column D subject to
A. Description of Property
(MM-DD-YYYY)
(MM-DD-YYYY)
column g of U.S. 4797
Michigan income tax
2.
Gain, if any, from U.S. 4684, line 42
3.
3.
Section 1231 gain from installment sales from U.S. 6252, line 26 or 37
4.
4.
Section 1231 gain or (loss) from like-kind exchanges from U.S. 8824
5.
5.
Gain, if any, from Part 3, line 26, from other than casualty or theft
6.
6.
Add lines 2 through 6 in columns D and E
7.
7.
•
If line 7, column D or E, is zero or a loss, enter amount on line 11 below and skip lines 8 and 9.
•
If line 7, column D or E, is a gain, and you had no section 1231 losses from prior years, enter
amount as a long-term capital gain on MI-1040D or MI-1041D and skip lines 8, 9, 11 and 12 below.
Non-recaptured net section 1231 losses from prior years
8.
8.
Subtract line 8, column D from line 7, column D, and subtract line 8,
9.
column E, from line 7, column E. If zero or less, enter "0"
9.
•
If line 9 is zero, enter amount from line 7, column D or E, on line 12 below.
•
If line 9 is more than zero, enter amount from line 8 on line 12 below, and enter
amount from line 9 as a long-term capital gain on MI-1040D or MI-1041D.
PART 2: Ordinary Gains and Losses
10.
Ordinary gains and losses not included on lines 11 through 17 (include property held 1 year or less).
11.
Loss, if any, from line 7, column D or E
11.
12.
Gain, if any, from line 7, column D or E, or amount from line 8
12.
13.
Gain, if any, from Part 3, line 25
13.
14.
Net gain or (loss) from U.S 4684, lines 34 and 41a
14.
15.
Ordinary gain from installment sales from U.S. 6252, lines 25 or 36
15.
16.
Ordinary gain or (loss) from like-kind exchanges from U.S. 8824
16.
17.
Recapture of section 179 expense deduction for partners and
S-corporation shareholders from property dispositions
17.
18.
Add lines 10 through 17 in columns D and E
18.
18a.
For all except individual returns:
(1)
Enter gain or (loss) from line 18, column E, on return being filed.
18b.
For individual returns:
(1)
If the loss on line 11 includes a loss from U.S. 4684,
line 38, column (b) (ii), enter that part of the loss here
18b(1)
.
(2)
Redetermine the gain or (loss) on line 18, excluding
the loss (if any) on line 18b(1). Enter here
18b(2)
NOTE: If nonresident or part-year resident, carry figure to Schedule NR, line 8. If the federal amount is a gain, enter on MI-1040 Schedule 1, line
10. If a loss, enter on MI-1040 Schedule 1, line 5. If the Michigan amount is a gain, enter on MI-1040 Schedule 1, line 3. If a loss, enter on
MI-1040 Schedule 1, line 19. Nonresidents and part-year residents, see instructions for Schedule NR, line 8.
+
0000 2006 69 01 27 4
Complete on Page 2.
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