Form Mi-4797 - Michigan Adjustments Of Gains And Losses From Sales Of Business Property - 2014 Page 2
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22014 MI-4797, Page 2 of 2
Filer’s Full Social Security Number
PART 3: Gain From Disposition of Property Under Sections 1245, 1250, 1252, 1254 and 1255
% Subject to Michigan Tax
Divide number of months
19. Description of Sections 1245, 1250, 1252, 1254 and
Date acquired
Date sold
after 10-1-67 by total number
1255 property
(MM-DD-YYYY)
(MM-DD-YYYY)
of months
(A)
(B)
(C)
(D)
Property
Property
Property
Property
Relate lines 19(A) through 19(D) to these columns:
TOTAL
(A)
(B)
(C)
(D)
20. Enter amounts from U.S. Form 4797, line 24 ............................
21. Enter portion of gain subject to Michigan tax.
(Multiply gain on line 20 by percentage computed on line 19.) ..
22. Enter from U.S. Form 4797 the total of lines 25(b), 26(g), 27(c),
28(b) and 29(b) in columns A through D ....................................
23. Enter portion of gain subject to Michigan tax.
(Multiply gain on line 22 by percentage computed on line 19.) ..
F
G
Federal
Michigan
24. Enter in column F the total from line 20; enter in column G the total from line 21. ...........
25. Enter in column F the total from line 22 and carry to line 13, column D.
Enter in column G the total from line 23 and carry to line 13, column E...........................
26. Subtract line 25 from line 24. Enter portion in columns F and G from other
than casualty or theft on Part 1, line 6, columns D and E.................................................
Instructions for Form MI-4797
File this form if you have gains from the disposition of property acquired prior to October 1, 1967, or if you have
gains or losses from property subject to allocation and apportionment provisions.
Lines not listed are explained on the form. Report all amounts in
Line 3: Enter in column D any gain from U.S. Form 4684, line
whole dollars.
39. In column E enter the gain subject to Michigan income tax.
If the gain was realized from more than one casualty or theft and
T
he purpose of this form is to exclude from your Michigan taxable
some or all of the property was acquired prior to October 1, 1967,
income gains attributed to periods before October 1, 1967, and
attach a copy of U.S. Form 4684 and a schedule showing the
to exclude gains or losses from real or tangible property located
computation of gain subject to Michigan income tax.
in other states and/or subject to apportionment. To compute the
portion subject to Michigan income tax for property acquired before
Line 6: Enter in column D the gain from column F, line 26. Enter
October 1, 1967, multiply the total gain by a percentage computed by
in column E the gain from column G, line 26.
dividing the number of months held after September 30, 1967 by the
Line 10: Enter other ordinary gains and losses from your U.S.
total number of months held. For the purpose of this computation,
Form 4797. Enter federal gain or loss in column D. Enter portion of
the first month is excluded if acquisition took place after the 15th,
gain or loss subject to Michigan income tax in column E.
and the last month is excluded if disposal took place on or before
Line 13: Enter in column D the amount from line 25, column F.
the 15th.
Enter in column E the amount from line 25, column G.
Do not include on this form any gains or losses included in the
Line 14: Enter gain or loss from U.S. Form 4684, lines 31 and
business income subject to apportionment on MI-1040H that
38a. If the gain or loss was from more than one casualty or theft,
are included on Schedule 1, line 4 or line 13. Nonresidents and
attach a copy of U.S. Form 4684 and a schedule showing the
part-year residents, see instructions for Schedule NR, line 8.
computation of gain or loss subject to Michigan income tax.
Line 2: Enter in columns A, B, C, and D the corresponding
Line 20: Enter the total gain for each property from U.S.
information from your U.S. Form 4797. For column E, enter the gain
Form 4797, line 24 and enter the total gain for all properties in the
or loss subject to Michigan income tax.
total column.
Attach this form to your MI-1040 or MI-1041.
Also attach a copy of your U.S. Form 4797 to your return.
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0000 2014 69 02 27 5
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