Form 1120, U.S. Corp. Income Tax Return, Schedule D, Capital Gains and Losses, Schedule H, Section 280H Limitations for a Personal Service Corporation (PSC), Schedule N, Foreign .........

Schedule D (Form 1120), Capital Gains and Losses
(Rev. December 2006)

Purpose: This is the first circulated draft of the December 2006 revision of
Schedule D (Form 1120) for your review and comments. The major changes are
discussed below.
TPCC Meeting: None, but may be arranged if requested.
Instructions: The instructions for Schedule D (Form 1120) will be circulated at a
later date. The 2005 Schedule D (Form 1120) including its instructions are
available at:
http://www.irs.gov/pub/irs-pdf/f1120sd.pdf
Other Products: Circulations of draft tax forms, instructions, notices, and
publications are posted at:
http://taxforms.web.irs.gov/draft_products.html
Comments: Please email, fax, call, or mail any comments by May 19, 2006.
David Lindenbaum
Tax Forms and Publications
SE:W:CAR:MP:T:B:C
Email: [email protected]
Phone: 202-622-3129
Fax: 202-622-3262

Major Change to Schedule D (Form 1120) (Rev. December 2006 )
Schedule D is being changed from an annual schedule to a continuous use
schedule beginning with the December 2006 revision. In addition, the
Instructions for Schedule D will now be a separate product. There are no major
changes to the form.

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SCHEDULE D
(Form 1120)
(Rev. December 2006)

Action

Date

Signature

O.K. to print
Revised proofs
requested

Capital Gains and Losses
© Attach to Form 1120, 1120-A, 1120-C, 1120-F, 1120-FSC, 1120-H, 1120-IC-DISC, 1120-L, 1120-ND,
1120-PC, 1120-POL, 1120-REIT, 1120-RIC, 1120-SF, or certain Forms 990-T.

Department of the Treasury
Internal Revenue Service

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Name

OMB No. 1545-0123

See separate instructions.

Employer identification number

Part I

Short-Term Capital Gains and Losses—Assets Held One Year or Less

(a) Description of property
(Example: 100 shares of Z Co.)

(c) Date sold
(mo., day, yr.)

(b) Date acquired
(mo., day, yr.)

1

(d) Sales price
(see instructions)

(e) Cost or other
basis (see
instructions)

(f) Gain or (loss)
(Subtract (e) from (d))

2

Short-term capital gain from installment sales from Form 6252 (e.g. line 26 or 37 of the 2006 Form 6252)

2

3

Short-term gain or (loss) from like-kind exchanges from Form 8824

3

4

Unused capital loss carryover (attach computation)

4

5

Net short-term capital gain or (loss). Combine lines 1 through 4

5

Part II

(

)

Long-Term Capital Gains and Losses—Assets Held More Than One Year

6

7

Enter gain from Form 4797 (e.g. line 7 or 9 of the 2006 Form 4797)

7

8

Long-term capital gain from installment sales from Form 6252 (e.g. line 26 or 37 of the 2006 Form 6252)

8

9

Long-term gain or (loss) from like-kind exchanges from Form 8824

9

10

Capital gain distributions (see instructions)

10

11

Net long-term capital gain or (loss). Combine lines 6 through 10

11

Part III

Summary of Parts I and II

12

Enter excess of net short-term capital gain (line 5) over net long-term capital loss (line 11)

12

13

Net capital gain. Enter excess of net long-term capital gain (line 11) over net short-term capital
loss (line 5)

13

Add lines 12 and 13. Enter here and on the appropriate line of the corporation’s tax return (e.g. line
8, page 1 of the 2006 Form 1120)

14

14

Note. If losses exceed gains, see Capital losses in the instructions.
For Privacy Act and Paperwork Reduction Act Notice,
see the Instructions for Forms 1120 and 1120-A.

Cat. No. 11460M

Printed on recycled paper

Schedule D (Form 1120) (Rev. 12-2006)