Form N-20 - Schedule D - Capital Gains And Losses - 2014 Page 2
Download a blank fillable Form N-20 - Schedule D - Capital Gains And Losses - 2014 in PDF format just by clicking the "DOWNLOAD PDF" button.
Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.
Complete Form N-20 - Schedule D - Capital Gains And Losses - 2014 with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.
Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.
ADVERTISEMENT
1
2SCHEDULE D
Form N-20
(REV. 2014)
Page 2
must report the full amount of the gain on a
rived from stock options or stock, including stock
Column (d) — Sales Price
timely filed return (including extensions).
issued through the exercise of stock options or
Enter in this column either the gross sales price
warrants, from a qualified high technology busi-
If the partnership wants to elect out of the
or the net sales price from the sale. On sales of
ness or from a holding company of a qualified
installment method for installment gain that
stocks and bonds, report the gross amount as re-
high technology business by an employee, offi-
is specially allocated among the partners, it
ported to the partnership by the partnership’s
cer, or director of the qualified high technology
must do the following on a timely filed return
broker on federal Form 1099-B, Proceeds From
business, or investor who qualifies for the high
(including extensions):
Broker and Barter Exchange Transactions, or
technology business investment tax credit is ex-
similar statement. However, if the broker advised
1. For a short-term capital gain, report the
cluded from income taxes.
the partnership that gross proceeds (gross sales
full amount of the gain on Schedule K
Use lines 5 and 13 to reduce the partnership’s
price) less commissions and option premiums
(Form N-20), line 8 or 11.
capital gain for these amounts reported on other
were reported to the Department of Taxation, en-
For a long-term capital gain, report the
lines of Schedule D.
ter that net amount in column (d).
full amount of the gain on Schedule K
(Form N-20), line 9 or 11.
Lines 6 and 14 - Section 235-7(a)
Column (e) — Cost or Other Basis
(14), HRS, Short-Term and Long-
2. Enter each partner’s share of the full
In general, the cost or other basis is the cost of
amount of the gain on Schedule K-1 (Form
Term Capital Gain Exemption
the property plus purchase commissions and im-
N-20), line 8, 9, or 11, whichever applies.
provements and minus depreciation, amortiza-
For tax years beginning after 2007 and ending
•
For other items for special treatment, see the fed-
tion, and depletion. If the partnership received
before 2018, the gain realized by a fee simple
eral Instructions for Schedule D (Form 1065).
the property in a tax-free exchange, involuntary
owner from the sale of a leased fee interest in
conversion, or wash sale of stock, it may not be
Constructive sales treatment for certain ap-
units within a condominium project, cooperative
able to use the actual cash cost as the basis. If
preciated positions.
project, or planned unit development to the asso-
the partnership does not use cash cost, attach an
ciation of owners under chapter 514A or 514B, or
Generally, the partnership must recognize gain
explanation of the basis.
the residential cooperative corporation of the
(but not loss) on the date it enters into a construc-
leasehold units is exempt from Hawaii income
When selling stock, adjust the basis by sub-
tive sale of any appreciated position in stock, a
taxation.
tracting all the stock-related nontaxable distribu-
partnership interest, or certain debt instruments
tions received before the sale. This includes non-
as if the position were disposed of at fair market
Use lines 6 and 14 to reduce the partnership’s
taxable distributions from utility company stock
value on that date.
capital gain for these amounts reported on other
and mutual funds. Also adjust the basis for any
lines of Schedule D.
For more details, see the federal Instructions
stock splits or stock dividends.
for Schedule D (Form 1065) and federal Publica-
For purposes of this exemption, “fee simple
If a charitable contribution deduction is passed
tion 550, Investment Income and Expenses.
owner” means the person who owns the fee sim-
through to a partner because of a sale of proper-
ple title to the land which is leased, including a
Rollover of gain from qualified stock.
ty to a charitable organization, the adjusted basis
life tenant with a remainder over, vested or con-
If the partnership sold qualified small business
for determining gain from the sale is an amount
tingent, and a holder of a defeasible estate, and
stock it held for more than 6 months, it may post-
that has the same ratio to the adjusted basis as
the holder’s heirs, successors, legal representa-
pone gain if it purchased other qualified small
the amount realized has to the fair market value.
tives, and assigns. “Leased fee interest” means
business stock during the 60-day period that be-
all of the interests of the fee owner, lessor, and
See section 852(f) for the treatment of certain
gan on the date of the sale. The partnership must
all legal and equitable owners of the land which
load charges incurred in acquiring stock in a mu-
recognize gain to the extent the sale proceeds
is leased, other than the lessee’s interest as de-
tual fund with a reinvestment right.
exceed the cost of the replacement stock. Re-
fined by chapter 516, HRS. “Legal and equita-
If the gross sale price is reported in column
duce the basis of the replacement stock by any
ble owners” means the fee simple owner and all
(d), increase the cost or other basis by any ex-
postponed gain.
persons having legal or equitable interests in the
pense of sale, such as broker’s fees, commis-
If the partnership chooses to postpone gain,
fee or in the lessor’s leasehold estate, including
sions, or option premiums, before making an en-
report the entire gain realized on the sale on line
mortgagees, developers, lienors, and sublessors,
try in column (e).
1 or 8. Directly below the line on which the part-
and their respective heirs, successors, legal rep-
For more information, see federal Publication
nership reported the gain, enter in column (a)
resentatives, and assigns. “Condominium proj-
551, Basis of Assets.
“Section 1045 Rollover” and enter as a (loss) in
ect” means a real estate condominium project; a
column (f) the amount of the postponed gain.
plan or project whereby a condominium of two or
Column (f) — Gain or (Loss)
more units located within the condominium prop-
Caution: The partnership also must separately
Make a separate entry in this column for each
erty regime have been sold or leased or are of-
state the amount of the gain rolled over on quali-
transaction reported on lines 1 and 8 and any
fered or proposed to be offered for sale or lease.
fied stock under section 1045 on Form N-20,
other line(s) that applies to the partnership. For
“Cooperative project” means a real estate co-
Schedule K, line 11, because each partner must
lines 1 and 8, subtract the amount in column (e)
operative housing corporation project; a plan or
determine if he or she qualifies for the rollover at
from the amount in column (d). Enter negative
project whereby two or more apartments located
the partner level. Also, the partnership must sep-
amounts in parentheses.
in a building owned by a cooperative housing cor-
arately state on that line (and not on Schedule D)
poration have been leased or are offered or pro-
any gain that would qualify for the section 1045
Lines 4 and 11 — Capital Gains and
posed to be offered to be leased.
rollover at the partner level instead of the partner-
Losses From Other Partnerships,
ship level (because a partner was entitled to pur-
Line 12 — Capital Gain Distributions
Estates, and Trusts
chase replacement stock) and any gain on quali-
On line 12, column (f), report as capital gain dis-
fied stock that could qualify for the 50% exclusion
See the Schedule K-1 or other information sup-
tributions (a) capital gain dividends and (b) the
under section 1202.
plied to you by the other partnership, estate, or
partnership’s share of undistributed capital gains
trust.
Specific Instructions
from a regulated investment company or real es-
tate investment trust (REIT). Report the partner-
Lines 5 and 13 — Short-Term and
Columns (b) and (c) — Date
ship’s share of Hawaii income taxes paid on un-
Long-Term Capital Gains From
Acquired and Date Sold
distributed capital gains by a regulated invest-
Stock Acquired Through Stock
ment company or REIT on a statement attached
Use the trade dates for date acquired and date
Options From Qualified High
to Form N-20 for Schedule K, line 31, and on
sold for stocks and bonds traded on an exchange
Schedule K-1, line 36.
Technology Businesses
or over-the-counter market.
Effective for tax years beginning after December
31, 1999, all income earned and proceeds de-
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial