Form Mi-4797 - Michigan Adjustments Of Gains And Losses From Sales Of Business Property - 2006 Page 2
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1
22006 MI-4797, Page 2
Filer's Social Security Number
PART 3: Gain From Disposition of Property Under Sections 1245, 1250, 1252, 1254 and 1255
% Subject to Michigan Tax
Divide number of months
Date acquired
Date sold
19. Description of Sections 1245, 1250, 1252, 1254 and 1255 property
after 10-1-67 by total number
(MM-DD-YYYY)
(MM-DD-YYYY)
of months
(A)
(B)
(C)
(D)
Property
Property
Property
Property
TOTAL
Relate lines 19(A) through 19(D) to these columns:
(A)
(B)
(C)
(D)
20.
Enter amounts from U.S. 4797, line 24
21.
Enter 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 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 E
26.
Subtract line 25 from line 24. Enter portion in columns G and H from other
than casualty or theft on Part 1, line 6, columns D and E
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. Round all money
a copy of U.S. 4684 and a schedule showing the computation of
items to whole dollars.
gain subject to Michigan income tax.
The purpose of this form is to exclude from your Michigan taxable
Line 6. Enter in column D the gain from line 26, column G.
income gains attributed to periods before October 1, 1967, and to
Enter in column E the gain from line 26, column H.
exclude gains or losses from real or tangible property located in
other states and/or subject to apportionment. To compute the
Line 10. Enter other ordinary gains and losses from your U.S.
portion subject to Michigan income tax for property acquired
4797. Enter federal gain or loss in column D. Enter portion of
before October 1, 1967, multiply the total gain by a percentage
gain or loss subject to Michigan income tax in column E.
computed by dividing the number of months held after September
30, 1967 by the total number of months held. For the purpose of
Line 13. Enter in column D the amount from line 25, column G.
this computation, the first month may be excluded if acquisition
Enter in column E the amount from line 25, column H.
took place after the 15th of the 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 34 and 41a. 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 column E, enter the gain or
gain or loss subject to Michigan income tax.
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 42. In
your U.S. 4797 and enter the total gain for all properties in the
column E enter the gain subject to Michigan income tax. If the
total column.
gain was realized from more than one casualty or theft and some
or all
Attach this form to your MI-1040 or MI-1041.
of the property was acquired prior to October 1, 1967, attach
Also attach a copy of your U.S. 4797 to your return.
+
0000 2006 69 02 27 2
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