Michigan Tax Amnesty And Tax Returns Guide And Instructons Page 19
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41INSTRUCTIONS FOR C-8000D
RECAPTURE OF CAPITAL ACQUISITION DEDUCTION
Purpose: To adjust your tax base for the disposal or
personal property, wherever it is located, that was
transfer of depreciable real or personal property acquired
acquired on or after January 1, 1976 and in tax years
in tax years beginning prior to January 1, 2000.
beginning before October 1, 1989.
If you disposed of depreciable real or personal property
Line 8, Columns a through f. Give all the information
that you acquired in tax years beginning on or after
required for each disposition in columns a through f.
January 1, 1976 and before January 1, 2000, complete
Line 9, Columns e and f. Enter the total gross proceeds
this form and attach it to your annual return.
in column e. In column f enter the total gain or loss
Note: A sale of qualifying property reported on the
included in your federal taxable income. Total gain is
installment method for federal income tax purposes
before capital gain deduction.
causes a recapture of the entire gross proceeds in the year
Line 10, Adjusted Proceeds. Subtract the total gain or
of the sale. The recapture is reduced by any gain
add the total loss on line 9, column f, to the gross
reported in federal taxable income in the year of the sale.
proceeds on line 9, column e. A loss on line 9, column f,
The gain attributable to the installment sale that is
will increase the recapture.
reported in subsequent years is subtracted from the tax
base for those years.
Line 11, Apportioned Adjusted Proceeds if Taxable in
Another State. Multiply adjusted proceeds on line 10 by
Use Part 4 to compute the recapture for property moved
the capital acquisition apportionment percentage for the
out of the state. If you need more space, attach separate
current year from Form C-8000H, line 23.
schedules.
Part 3, Disposition of Depreciable Real and Personal
In Parts 1, 2 and 3 below, the calculation of gross
Property That was Sold or Otherwise Disposed of
proceeds may be reduced by selling expenses.
During the Tax Year. Include:
Line 2, Account Number. Enter the same account
(1) Property acquired in tax years beginning after
number used on page 1 of your annual return.
September 30, 1989 and before January 1, 1997,
Part 1, Disposition of Depreciable Real Property
(2) Real and personal property acquired in tax years
Acquired in Tax Years Beginning Before
beginning after December 31, 1996 and prior to January
October 1, 1989.
1, 2000 and located in Michigan, or moved into Michigan
Enter gross proceeds from all dispositions of depreciable
after acquisition, and (3) Mobile tangible assets acquired
real property (property as described in IRC Section
in tax years beginning after December 31, 1996 and prior
1250) located in Michigan that was acquired on or after
to January 1, 2000, whether located in Michigan or
January 1, 1976 and in tax years beginning before
outside Michigan.
October 1, 1989.
Mobile tangible assets are all of the following:
Line 3, Columns a through f. Give all the information
required for each disposition in columns a through f.
- motor vehicles that have a gross vehicle weight rating
Line 4, Columns e and f. Enter the total gross proceeds
of 10,000 pounds or more and are used to transport
in column e. In column f enter the total gain or loss
property or persons for compensation;
included in your federal taxable income. Total gain is
- rolling stock (railroad freight or passenger cars,
before capital gain deduction.
locomotives or other rail cars), aircraft and watercraft
used by the owner to transport property or persons for
Line 5, Adjusted Proceeds. Subtract the total gain or
compensation or used by the owner to transport the
add the total loss on line 4, column f, to the gross
owner's property for sale, rental or further processing;
proceeds on line 4, column e. A loss on line 4, column f,
and
will increase the recapture.
- equipment used directly in completion of, or in
Line 6. Multiply line 4f by the percentage from SBT
construction contracts for, the construction, alteration,
Apportionment Formula (Form C-8000H), line 16 or 19,
repair or improvement of property.
whichever applies.
Line 12, Columns a through f. Give all the information
Line 7, Apportioned Adjusted Proceeds. If line 6 is a
required for each disposition in columns a through f.
gain, subtract it from 4e. If line 6 is a loss, add it to 4e.
Line 13, Columns e and f. Enter the total gross proceeds
Part 2, Disposition of Depreciable Personal Property
in column e. In column f enter the total gain or loss
Acquired in Tax Years Beginning Before October 1,
included in your federal taxable income. Total gain is
1989.
before capital gain deduction.
Enter gross proceeds from all dispositions of depreciable
29
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial