Form 4797 Sales of Business Property 2019

Form 4797 Sales of Business Property 2019

Summary: This is an example of Form 4797 (1995) as pertains to the estate described in the text. The completed line items are:

Under"Part I: Sales or Exchanges of Property Used in a Trade or Business and Involuntary Conversions From Other Than Casualty or Theft--Property Held More Than 1 Year (see instructions)":
"Name(s) shown on return" field contains Thomas Smith Bankruptcy Estate
"Identifying number" field contains 22-0000000
"1. Enter here the gross proceeds from the sale or exchange of real estate reported to you for 1995 on Form(s) 1099-S (or a substitute statement) that you will be including on line 2, 10, or 20" field contains 280,000
"6. Gain, if any, from line 32, from other than casualty or theft:"field contains 125,000
"7. Add lines 2 through 6. Enter the gain or (loss) here and on the appropriate line as follows" field contains 125,000
"9. If zero or less, enter -0-. If line 9 is zero, enter the gain from line 7 on line 12 below. If line 9 is more than zero, enter the amount from line 8 on line 12 below and enter the gain from line 9 as a long-term capital gain on the Schedule D led with your return. See instructions."field contains 125,000