Form Ft 1120vl - Valuation Limitation On Gains And Losses From Sales Or Exchanges Of Capital Assets Or Irc Section 1231 Assets Page 2
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1
2Corporation name
FEIN
Tax Year
FT 1120VL
Rev. 10/06
Page 2
Instructions
In accordance with Ohio Revised Code section (R.C.) 5733.04(I)(3) valuation
on which the tax provided for in R.C. 5733.06 is computed on the corporation’s
limitation is the loss or gain resulting from the sale, exchange or other disposi-
net income. For purposes of division (I)(3) of this section, the amount of the prior
tion of a capital asset or a section 1231 asset to the extent that such loss or gain
loss or gain shall be measured by the difference between the original cost or
occurred prior to the fi rst taxable year on which the franchise tax is computed on
other basis of the asset and the fair market value as of the beginning of the fi rst
the corporation’s net income.
taxable year on which the tax provided for in R.C. 5733.06 is computed on the
corporation’s net income. At the option of the taxpayer, the amount of the prior
The beginning of the fi rst taxable year on which the franchise tax is computed on
loss or gain may be a percentage of the gain or loss, which percentage shall be
the corporation’s net income is the beginning of the taxpayer’s fi rst franchise tax
determined by multiplying the gain or loss by a fraction, the numerator of which
accounting period which ended after Dec. 20, 1971 (the date of enactment of the
is the number of months from the acquisition of the asset to the beginning of the
net income basis of the franchise tax). See Clyde Williams Enterprises, Inc. and
fi rst taxable year on which the fee provided in R.C. 5733.06 is computed on the
Subsidiaries v Limbach, BTA Case No. 85-D-132, May 19, 1986.
corporation’s net income, and the denominator of which is the number of months
from the acquisition of the asset to the sale, exchange or other disposition of
Ohio Revised Code Section 5733.04(I)(3)
the asset. The adjustments described in this division do not apply to any gain
or loss where the gain or loss is recognized by a qualifying taxpayer, as defi ned
Add any loss or deduct any gain resulting from the sale, exchange or other dispo-
in R.C. 5733.0510, with respect to a qualifying taxable event, as defi ned in that
sition of a capital asset or an asset described in Internal Revenue Code section
section.
1231, to the extent that such loss or gain occurred prior to the fi rst taxable year
Gains and Losses from the Sale or Exchange of Property used in a Trade or Business (continued)
A
B
C
D
E
F
G
H
OR
*
Date Sold
Fraction
Gain
Valuation
*Allocable
Apportionable
Kind of Property
Date Acquired
(month,
or Loss
Limitation
(if necessary, attach description)
(month,
Gain or Loss
Gain or Loss
day, year)
day, year)
Column E less
Column E less
Column F
Column F
Total
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