Tc-40 Forms And Instructions - Individual Income Tax Page 21
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You may also include any gold or silver coin or bullion, other
than that issued by the United States, if a court of competent
jurisdiction issues a fi nal, unappealable judgment or order
determining that Utah may recognize the gold or silver coin
or bullion as legal tender in the state, or congress enacts
legislation expressly providing that such coin or bullion is
legal tender.
To qualify for the credit, all of the following conditions must
be met:
1. The capital gain transaction must be for the sale or exchange
of gold or silver coin issued by the federal government for
another form of legal tender;
2. The capital gain transaction must result in a short-term or
long-term capital gain (defi ned in IRC §1222) that is re-
ported on Schedule D of your federal individual or fi duciary
return;
3. Any eligible capital gain must fi rst be offset by any capital
loss recognized for the year for federal purposes from the
sale of gold and/or silver coin; and
4. The transaction must be made in taxable years beginning
on or after January 1, 2012.
For more information, see UC Title 59, Chapter 1, Part 15,
Specie Legal Tender Act.
Calculation of Gold and Silver Coin Sale Credit
1. Capital gains on all sales and
exchanges of gold and silver coins
$________
2. Capital losses on all sales and
exchanges of gold and silver coins
$________
3. Subtract line 2 from line 1 (if a loss,
STOP, there is no credit)
$________
4. Amount from form 1040, Schedule D,
line 16 (if a loss, STOP, there is no credit)
$________
5. Enter the lesser of line 3 or line 4
$________
6. Credit percentage - 5%
.05
7. Credit - multiply line 5 by line 6
$________
Enter this amount on TC-40A, Part 3, using code 26.
Note: Any credit that is more than the tax liability may not
be carried back or carried forward.
There is no form for this credit. Keep all related documents
with your records.
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