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Schedule F (IL-1120ST) Instructions

General Information

What is the purpose of Schedule F?

Should I attach copies of other forms?

The purpose of this schedule is to determine, for certain property

If you filed any of the following forms or schedules, you must attach

acquired before August 1, 1969, the amount of appreciation that is

copies of them to your Schedule F: U.S. Form 1120S, Schedule D;

attributable to the period between the date you acquired the property

U.S. Form 4797; and U.S. Form 6252.

and August 1, 1969. Illinois does not tax the gain resulting from

For installment sales, see the instructions on the front

appreciation that accrued before that date, which is the effective

of Schedule F.

date of the Illinois Income Tax Act. The amount of appreciation

What if I need additional assistance?

that accrued before August 1, 1969, is often called the “valuation

limitation amount” or the “pre-August 1, 1969, appreciation amount.”

If you need additional assistance,

Who should file Schedule F?

• visit our website at tax.illinois.gov;

You should file Schedule F only if

• write us at P.O. Box 19044, Springfield, Illinois 62794-9044;

•

you reported a capital gain from property that you acquired before

• call our Taxpayer Assistance Division, at 1 800 732-8866 or

August 1, 1969, and you have a net capital gain on U.S. Form

217 782-3336, or

1120S, Schedule D, Capital Gains and Losses; or

• call our TDD (telecommunications device for the deaf) at

•

you reported a gain on U.S. Form 4797, Sales of Business

1 800 544-5304.

Property, from Sections 1231, 1245, and 1250 property acquired

r office hours are 8:00 a.m. to 5:00 p.m., Monday through

before August 1, 1969; or

Friday.

•

you reported a gain on U.S. Form 6252, Installment Sale

Income, from an installment sale on property acquired before

August 1, 1969.

Specific Instructions

Line 1

Column A -

Write the description of the property or full name of

Where there is a disposition of Section 1251, 1252, 1254, or

security as shown on your

1255 property, the sum of the amounts in Columns E and F may be

less than the amount in Column D.

•

U.S. Form 1120S, Schedule D,

•

Column G -

Write the gain shown on U.S. Form 1120S, Schedule D.

U.S. Form 4797, or

•

U.S. Form 6252.

Column H -

Write the fair market value on August 1, 1969, or the

“applicable fraction” for each property. Your entry for each property

Column B -

Write the month and year you acquired the property.

will depend upon whether the property was a listed security on

For securities you acquired through the exercise of rights, warrants,

August 1, 1969, or, if it was not listed, whether you have an appraisal

or options, write the date exercised.

of its fair market value as of August 1, 1969. See below.

Column C -

Write the month and year you disposed of the property.

• Listed Securities: If t

he gain was from a security listed on a

Column D -

Write the total gain reported this year from each

national securities exchange or quoted in the over-the-counter market

disposition of property, including involuntary conversions by casualty

between July 28 and 31, 1969, write the market value of the property on

or theft, as shown on

August 1, 1969. If the security was traded between July 28 and 31, 1969,

•

U.S. Form 1120S, Schedule D,

use the price of the last sale during the period to value the security. If the

•

U.S. Form 4797, or

security was not traded during the period, use the average of the bid and

•

ask quotations on July 31, 1969, to value the security.

U.S. Form 6252.

• Other Properties: Fair Market Value Readily Ascertainable

Do not write any transaction for which you incurred a loss.

by Appraisal -

If the gain was not from a security traded or

Column E -

Write for each property the portion of Column D that is

quoted between July 28 and 31, 1969, write the fair market value

ordinary income under Section 1245 or 1250 of the Internal Revenue

of the property on August 1, 1969, only if the fair market value was

Code (IRC). This is reported on U.S. Form 4797, or U.S. Form 6252.

readily ascertainable on that date. Attach a bona fide, independent

Column F -

For each property figure the portion of Column D that

written appraisal as of August 1, 1969, made by a competent

is a gain under IRC, Section 1231 from either U.S. Form 6252 or U.S.

appraiser of recognized standing and ability, to support the readily

Form 4797.

ascertainable fair market value. Book value is not generally

•

U.S. Form 6252: Write the amount from Line 26.

acceptable as evidence of the August 1, 1969, fair market value.

•

U.S. Form 4797: Use the following formula and write the

result.

Line 24 - (Line 25b + Line 26g)

Page 3 of 4

Schedule F (IL-1120-ST) (R-12/12)

Schedule F - Attach To Your Form Il-1120-St - Gains From Sales Or Exchanges Of Property Acquired Before August 1, 1969 Page 3

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