Form Ft 1120vl - Valuation Limitation On Gains And Losses From Sales Or Exchanges Of Capital Assets Or Irc Section 1231 Assets

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hio
FT 1120VL
Department of
Reset Form
Rev. 10/06
Taxation
Attach this form to the Ohio Corporation Franchise Tax Report, Ohio form FT 1120.
Valuation Limitation on Gains and Losses From Sales
or Exchanges of Capital Assets or IRC Section 1231 Assets
See Ohio Revised Code Section (R.C.) 5733.04(I)(3)
For calendar year
, or other taxable year beginning
,
and ending
,
.
The beginning of the taxpayer’s fi rst franchise tax accounting period, which ended after Dec. 20, 1971 was
,
.
Tax
Ohio franchise tax
Corporation name:
Year:
ID number:
A
B
C
D
E
F
G
H
OR
Date Sold
Fraction
Gain
Kind of Property
Date Acquired
Valuation
*Allocable
*Apportionable
or Loss
Limitation
(month,
Gain or Loss
(if necessary, attach description)
(month,
Gain or Loss
day, year)
day, year)
Column E less
Column E less
Column F
Column F
1. Short-term capital gains and losses (list below)
2. Unused capital loss carryover (attach computation).........................................................................................
3. Net short-term capital gain (or loss) .................................................................................................................
4. Long-term capital gains and losses (list below)
Net long-term capital gain (or loss) ......................................................................................................................
5. Gains and losses from the sale or exchange of property used in a trade or business (list below)
Amounts from reverse side
6. Total valuation limitation. If GAIN, enter here and on Ohio form FT 1120, Schedule B, line 2(b). If LOSS, enter here and on
Ohio form FT 1120, Schedule B, line 1(a) ................................................................................................................................
Total allocable gain or loss. Enter here and on Ohio form FT 1120, Schedule C, line 2, column 2. Enter Ohio
7.
portion on line 4, column 1
..................................................................................................................................................
*Gains and losses from the sales of depreciable tangible personal property and real property taxed as
Caution: For taxable years ending in on or after June 26, 2003, R.C. 5733.051 distinguishes bus-
iness income from nonbusiness income. Only nonbusiness gains and losses are allocable. Gains
ordinary (recapture) income or loss for federal income tax purposes are considered capital gains and
and losses from sales of depreciable tangible personal property and gains and losses from sales of
capital losses for franchise tax purposes. See Borden, Inc. v Limbach (1990), 49 Ohio St 3d 240.
real property are generally apportionable business income.

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