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Michigan Department of Treasury (Rev. 11-03)

2003 MI-4797

2003 MICHIGAN

Adjustments of Gains and Losses From Sales of Business Property

Issued under authority of the Income Tax Act of 1967. Type or print in blue or black ink.

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

Primary Filer's Social Security Number

Primary Filer's First Name, Middle Initial, and Last Name

If a Joint Return, Spouse's First Name, Middle Initial, and Last Name

Spouse's Social Security Number

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.

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

(mo./day/yr.)

column g of U.S. 4797

Michigan income tax

Gain, if any, from U.S. 4684, line 39

Section 1231 gain from installment sales from U.S. 6252, line 26 or 37

Section 1231 gain or (loss) from like-kind exchanges from U.S. 8824

Gain, if any, from Part 3, line 26, from other than casualty or theft

Add lines 2 through 6 in columns D and E

•

If line 7, column D or E, is zero or a loss, enter the 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 the

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

Subtract line 8, column D, from line 7, column D, and subtract line 8,

column E, from line 7, column E. If zero or less, enter "0"

•

If line 9 is zero, enter the amount from line 7, column D or E, on line 12 below.

•

If line 9 is more than zero, enter the amount from line 8 on line 12 below, and enter

the 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 31 and 38a

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 35, 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 18. Nonresidents and part-year residents, see instructions for Schedule NR, line 8.

Complete on Page 2.

Form Mi-4797 - Michigan Adjustments Of Gains And Losses From Sales Of Business Property - 2003

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