Schedule D (Form 1 Capital Gains and Losses

2007 Schedule D (Form 1120),
Capital Gains and Losses

Purpose: This is the first circulated draft of the 2007 Schedule D (Form 1120)
for your review and comments. There are no major changes.
TPCC Meeting: None, but one may be arranged if requested.
Prior Version: The 2006 Schedule D (Form 1120) is 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 to me or email the
reviewer, Joan McAlpine, at [email protected] by June 1, 2007.

Linda R. Burke
Tax Forms and Publications
SE:W:CAR:MP:T:B:C
Email: [email protected]
Phone: 202-927-9546

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I.R.S. SPECIFICATIONS

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SCHEDULE D (FORM 1120), PAGE 1 of 1
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SCHEDULE D
(Form 1120)

Action

Date

Signature

O.K. to print
Revised proofs
requested

Capital Gains and Losses
OMB No. 1545-0123

© Attach to Form 1120, 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

2007

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, line 26 or 37

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, line 7 or 9

7

8

Long-term capital gain from installment sales from Form 6252, line 26 or 37

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 Form 1120, page 1, line 8, or the proper line on other
returns

14

14

Note. If losses exceed gains, see Capital losses in the instructions.
For Paperwork Reduction Act Notice,
see the Instructions for Form 1120.

Cat. No. 11460M

Printed on recycled paper

Schedule D (Form 1120) (2007)