U.S. Individual Income Tax Return

U.S. Individual Income Tax Return

F4797 Instructions

U.S. Individual Income Tax Return

OMB: 1545-0074

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2012

Department of the Treasury
Internal Revenue Service

Instructions for Form 4797
Sales of Business Property
(Also Involuntary Conversions and Recapture Amounts
Under Sections 179 and 280F(b)(2))
Section references are to the Internal Revenue
Code unless otherwise noted.

General Instructions
Future Developments

For the latest information about
developments related to Form 4797 and
its instructions, such as legislation
enacted after they were published, go to
www.irs.gov/form4797.

Purpose of Form

Use Form 4797 to report:
The sale or exchange of:
1. Property used in your trade or
business;
2. Depreciable and amortizable
property;
3. Oil, gas, geothermal, or other
mineral properties; and
4. Section 126 property.
The involuntary conversion (from
other than casualty or theft) of property
used in your trade or business and
capital assets held in connection with a
trade or business or a transaction
entered into for profit.
The disposition of noncapital assets
(other than inventory or property held
primarily for sale to customers in the
ordinary course of your trade or
business).
The disposition of capital assets not
reported on Schedule D.
The gain or loss (including any
related recapture) for partners and S
corporation shareholders from certain
section 179 property dispositions by
partnerships (other than electing large
partnerships) and S corporations.
The computation of recapture
amounts under sections 179 and
280F(b)(2) when the business use of
section 179 or listed property decreases
to 50% or less.
Gains or losses treated as ordinary
gains or losses, if you are a trader in
securities or commodities and made a
mark-to-market election under Internal
Revenue Code section 475(f).

Feb 05, 2013

Other Forms You May
Have To File

Use Form 4684, Casualties and
Thefts, to report involuntary conversions
from casualties and thefts.
Use Form 6252, Installment Sale
Income, to report the sale of property
under the installment method.
Use Form 8824, Like-Kind
Exchanges, to report exchanges of
qualifying business or investment
property for property of a like kind. For
exchanges of property used in a trade
or business (and other noncapital
assets), enter the gain or (loss) from
Form 8824, if any, on line 5 or line 16.
If you sold property on which you
claimed investment credit, see Form

4255, Recapture of Investment Credit,
to find out if you must recapture some or
all of the credit.
Individuals, corporations, and
partnerships use Form 8949, Sales and
Other Dispositions of Capital Assets, to
report the sale or exchange of capital
assets not reported on another form or
schedule; gains from involuntary
conversions (other than casualty or
theft) of capital assets not held for
business or profit; and nonbusiness bad
debts. Use Schedule D for the return
you are filing to figure the overall gain or
loss from any transactions reported on
Form 8949.
Additional Information. See Pub.
544, Sales and Other Dispositions of

Where To Make First Entry for Certain Items
Reported on This Form
(b)
Held 1 year
or less

(a)
Type of property
1

2

3

4
5
6

7

Depreciable trade or business property:
a Sold or exchanged at a gain . . . . . . . .

(c)
Held more
than 1 year

. . . .

Part II

b Sold or exchanged at a loss . . . . . . . . . . . .
Depreciable residential rental property:
a Sold or exchanged at a gain . . . . . . . . . . .
b Sold or exchanged at a loss . . . . . . . . . . . .
Farmland held less than 10 years upon which
soil, water, or land clearing expenses were
deducted:
a Sold at a gain . . . . . . . . . . . . . . . . . . . . .
b Sold at a loss . . . . . . . . . . . . . . . . . . . . .
All other farmland
Disposition of cost-sharing payment property
described in section 126

Part II

Part III (1245,
1250)
Part I

Part II
Part II

Part III (1250)
Part I

Part II
Part II
Part II

Part III (1252)
Part I
Part I

Part II

Part III (1255)

Cattle and horses used in a trade or business
for draft, breeding, dairy, or sporting purposes:

Held less
than 24
months

Held 24
months
or more

a Sold at a gain . . . . . . . . . . . . . . . .
b Sold at a loss . . . . . . . . . . . . . . . .
c Raised cattle and horses sold at a gain

Part II
Part II
Part II

Part III (1245)
Part I
Part I

Livestock other than cattle and horses used in
a trade or business for draft, breeding, dairy, or
sporting purposes:

Held less
than 12
months

Held 12
months
or more

a Sold at a gain . . . . . . . . . . .
b Sold at a loss . . . . . . . . . .
c Raised livestock sold at a gain

Part II
Part II
Part II

Part III (1245)
Part I
Part I

Cat. No. 13087T

. . . . .
. . . . .
. . . . .

. . . . . . . . . . .
. . . . . . . . . . .
. . . . . . . . . .

Assets. Also see Pub. 550, Investment
Income and Expenses (Including
Capital Gains and Losses).

Special Rules
At-Risk Rules

If you report a loss on an asset used in
an activity for which you are not at risk,
in whole or in part, see the Instructions
for Form 6198, At-Risk Limitations. Also,
see Pub. 925, Passive Activity and
At-Risk Rules. Losses from passive
activities are subject first to the at-risk
rules and then to the passive activity
rules.

Depreciable Property and Other
Property Disposed of in the
Same Transaction
If you disposed of both depreciable
property and other property (for
example, a building and land) in the
same transaction and realized a gain,
you must allocate the amount realized
between the two types of property
based on their respective fair market
values (FMVs) to figure the part of the
gain to be recaptured as ordinary
income because of depreciation. The
disposition of each type of property is
reported separately in the appropriate
part of Form 4797 (for example, for
property held more than 1 year, report
the sale of a building in Part III and land
in Part I).

Disposition of Assets That
Constitute a Trade or Business

If you sell a group of assets that make
up a trade or business and the buyer's
basis in the assets are determined
wholly by the amount paid for the
assets, both you and the buyer
generally must allocate the total sales
price to the assets transferred. File
Form 8594, Asset Acquisition
Statement, to report the sale. See Pub.
544 for more details on the sale of
business assets.

Installment Sales

If you sold property at a gain and you
will receive a payment in a tax year after
the year of sale, you generally must
report the sale on the installment
method unless you elect not to do so.
Use Form 6252 to report the sale on
the installment method. Also use Form
6252 to report any payment received
during your 2012 tax year from a sale
made in an earlier year that you
reported on the installment method.
To elect out of the installment
method, report the full amount of the

gain on a timely filed return (including
extensions). If you timely filed your tax
return without making the election, you
can still make the election by filing an
amended return within 6 months of the
due date of your return (excluding
extensions). Write “Filed pursuant to
section 301.9100-2” at the top of the
amended return.
For a detailed discussion of
installment sales, see Publication 537,
Installment Sales.

Traders Who Made a
Mark-To-Market Election

A trader in securities or commodities
may elect under section 475(f) to use
the mark-to-market method to account
for securities or commodities held in
connection with a trading business.
Under this method of accounting, any
security or commodity held at the end of
the tax year is treated as sold (and
reacquired) at its FMV on the last
business day of that year.
Unless you are a new taxpayer, the
election must be made by the due date
(not including extensions) of the tax
return for the year prior to the year for
which the election becomes effective.
If you are a trader in securities or
commodities with a mark-to-market
election under section 475(f) in effect for
the tax year, the following special rules
apply.
Gains and losses from all securities
or commodities held in connection with
your trading business (including those
marked to market) are treated as
ordinary income and losses, instead of
capital gains and losses. As a result, the
lower capital gain tax rates and the
limitation on capital losses do not apply.
The gain or loss from each security or
commodity held in connection with your
trading business (including those
marked to market) is reported on Form
4797, line 10. See the instructions for
line 10.
The wash sale rule does not apply to
securities or commodities held in
connection with your trading business.
For details on the mark-to-market
election and how to make it, see
sections 475(e) and 475(f). Also see
Pub. 550.

Sale of Home Used for
Business

If you sold property that was your home
and you used it for business or to
produce rental income, you may need to
use Form 4797 to report the sale of the
business or rental part (or the sale of the
-2-

entire property if used entirely for
business or rental). If you use property
partly as a home, and partly for
business or to produce income, the
treatment of any gain on the sale
depends on whether the business or
rental part of the property is part of your
home or separate from it. For more
details, see Property Used Partly for
Business or Rental in Pub. 523, Selling
Your Home.
Exclusion of gain on sale of home
used for business. If the property sold
was used for business or to produce
rental income and was also owned and
used as your principal residence during
the 5-year period ending on the date of
the sale, you may be able to exclude
part or all of the gain figured on Form
4797. However, the exclusion may not
apply to the part of the gain that is
allocated to any period after December
31, 2008, during which the property was
not used as your principal residence.
For details on the exclusion (including
how to figure the amount of the
exclusion), see Pub. 523.
If the property was held more than 1
year, complete Part III to figure the
amount of the gain. Do not take the
exclusion into account when figuring the
gain on line 24. If line 22 includes
depreciation for periods after May 6,
1997, you cannot exclude gain to the
extent of that depreciation. On line 2 of
Form 4797, write “Section 121
exclusion,” and enter the amount of the
exclusion as a (loss) in column (g).
If the property was held for 1 year or
less, report the sale and the amount of
the exclusion, if any, in a similar manner
on line 10 of Form 4797.

Involuntary Conversion of
Property

You may not have to pay tax on a gain
from an involuntary or compulsory
conversion of property. See Pub. 544
for details.

Passive Loss Limitations

If you have an overall loss from passive
activities and you report a loss on an
asset used in a passive activity, use
Form 8582, Passive Activity Loss
Limitations, or Form 8810, Corporate
Passive Activity Loss and Credit
Limitations, to see how much loss is
allowed before entering it on Form
4797.
You cannot claim unused passive
activity credits when you dispose of
your interest in an activity. However, if
you dispose of your entire interest in an
activity, you may elect to increase the

basis of the credit property by the
original basis reduction of the property
to the extent that the credit has not been
allowed because of the passive activity
rules. Make the election on Form
8582-CR, Passive Activity Credit
Limitations, or Form 8810. No basis
adjustment may be elected on a partial
disposition of your interest in an activity.

Recapture of Preproductive
Expenses

If you elect not to use the uniform
capitalization rules of section 263A, any
plant that you produce is treated as
section 1245 property. For dispositions
of plants reportable on Form 4797, enter
the recapture amount taxed as ordinary
income on line 22 of Form 4797. See
Disposition of plants and animals in
chapter 9 of Pub. 225, Farmer's Tax
Guide, for details.

Section 197(f)(9)(B)(ii) Election

If you made the election under section
197(f)(9)(B)(ii) to recognize gain on the
disposition of a section 197 intangible
and to pay a tax on that gain at the
highest tax rate, include the additional
tax on Form 1040, line 44 (or the
appropriate line of other income tax
returns). Enter “197” and the amount in
the space next to line 44. The additional
tax is the amount that, when added to
any other income tax on the gain,
equals the gain multiplied by the highest
tax rate.

Exclusion of Gain From Sale of
DC Zone Assets

If you sold or exchanged a District of
Columbia Enterprise Zone (DC Zone)
asset that you acquired after 1997 and
before 2012, and held for more than 5
years, you may be able to exclude the
amount of “qualified capital gain.” The
qualified gain is, generally, any gain
recognized in a trade or business that
you would otherwise include on Form
4797, Part I. This exclusion also applies
to an interest in, or property of, certain
businesses operating in the District of
Columbia.

DC Zone asset. A DC Zone asset is
any of the following.
DC Zone business stock.
DC Zone partnership interest.
DC Zone business property.
Qualified capital gain. The qualified
capital gain is any gain recognized on
the sale or exchange of a DC Zone
asset that is a capital asset or property
used in a trade or business. It does not
include any of the following gain:

Gain treated as ordinary income
under section 1245;
Gain treated as unrecaptured section
1250 gain. The section 1250 gain must
be figured as if it applied to all
depreciation rather than the additional
depreciation;
Gain attributable to real property, or
an intangible asset, which is not an
integral part of a DC Zone business;
and
Gain from a related-party transaction.
See Sales and Exchanges Between
Related Persons in chapter 2 of Pub.
544.
See section 1400B for more details
on DC Zone assets and special rules.
How to report. Report the entire gain
realized from the sale or exchange as
you otherwise would without regard to
the exclusion. To report the exclusion,
enter “DC Zone Asset Exclusion” on
Form 4797, line 2, column (a) and enter
as a (loss) in column (g) the amount of
the exclusion that offsets the gain
reported in Part I, line 6.
Any unrecaptured section 1250
gain is not qualified capital
CAUTION
gain. Identify the amount of
gain that is unrecaptured section 1250
gain and report it on the Schedule D for
the return you are filing.

!

Exclusion of Gain From
Qualified Community Assets

If you sold or exchanged a qualified
community asset acquired after 2001
and before 2010 that you held for more
than 5 years, you may be able to
exclude the “qualified capital gain.” The
qualified gain is, generally, any gain
recognized in a trade or business that
you would otherwise include on Form
4797, Part I. This exclusion also applies
to an interest in, or property of, certain
renewal community businesses.

Qualified community asset. A
qualified community asset is any of the
following.
Qualified community stock.
Qualified community partnership
interest.
Qualified community business
property.
Qualified capital gain. Qualified
capital gain is any gain recognized on
the sale or exchange of a qualified
community asset that is a capital asset
or property used in a trade or business.
It does not include any of the following
gains:
Gain treated as ordinary income
under section 1245;
-3-

Section 1250 gain figured as if
section 1250 applied to all depreciation
rather than the additional depreciation;
Gain attributable to real property, or
an intangible asset, that is not an
integral part of a qualified community
business; and
Gain from a related-party transaction.
See Sales and Exchanges Between
Related Persons in chapter 2 of Pub.
544.
See section 1400F for more details
and special rules.
How to report. Report the entire gain
realized from the sale or exchange as
you otherwise would without regard to
the exclusion. To report the exclusion,
enter “Qualified Community Asset
Exclusion” on Form 4797, line 2, column
(a) and enter as a (loss) in column (g)
the amount of the exclusion that offsets
the gain reported in Part I, line 6.

Specific Instructions
Note. To show losses, enclose figures
in (parentheses).
If you disposed of property you
acquired by inheritance from someone
who died before or after 2010, enter
“INHERITED” in column (b) instead of
the date you acquired the property. Also
report the sale or exchange that way if
you inherited the property from
someone who died in 2010 and the
executor of the decedent's estate did
not elect to file Form 8939, Allocation of
Increase in Basis for Property Acquired
From a Decedent.
If you disposed of property you
acquired by inheritance from someone
who died in 2010 and the executor
made the election to file Form 8939,
special rules apply. See Pub. 4895, Tax
Treatment of Property Acquired From a
Decedent Dying in 2010, for more
information.

Disposition by a Partnership or
S Corporation of Section 179
Property
Partners and S corporation shareholders. If you received a
Schedule K-1 from a partnership or S
corporation reporting the sale,
exchange, or other disposition of
property for which a section 179
expense deduction was previously
claimed and passed through to its
partners or shareholders, you must
report your share of the transaction on
Form 4797, 4684, 6252, or 8824

(whether or not you were a partner or
shareholder at the time the section 179
deduction was claimed).
See the worksheet, later, to figure the
amount to report on Form 4797, 4684,
6252, or 8824, and to figure any
reduction in your carryforward of the
unused section 179 expense deduction.
The partnership or S corporation must
provide the following information on
Schedule K-1 for the transaction.
Description of the property.
Date the property was acquired and
placed in service.
Date of the sale or other disposition
of the property.
The partner's or shareholder's share
of the gross sales price or amount
realized. Enter this amount on line 1 of
the worksheet.
The partner's or shareholder's share
of the cost or other basis plus the
expense of sale. Enter this amount on
line 2 of the worksheet.
The partner's or shareholder's share
of the depreciation allowed or allowable,
but excluding the section 179 expense
deduction. Enter this amount on line 3a
of the worksheet.
The partner's or shareholder's share
of the section 179 expense deduction
passed through for the property and the
partnership's or S corporation's tax
year(s) in which the amount was passed
through. Enter on line 3b of the
worksheet your share of the total
amount of the section 179 expense
deduction passed through for the
property (even if you were not a partner
or shareholder for the tax year in which
it was passed through or you did not
deduct all or part of the section 179
expense because of the dollar or
taxable income limitations). The tax
year(s) in which the amount was passed
through are provided so you can
determine the amount of unused
carryover section 179 expense (if any)
for the property to report on
line 3c.
If the disposition is due to a casualty
or theft, a statement indicating so, and
any additional information needed by
the partner or shareholder to complete
Form 4684.
If the disposition was an installment
sale made during the partnership's or S
corporation's tax year reported using the
installment method, any information
needed by the partner or shareholder to
complete Form 6252. The partnership
or S corporation also must separately
report the partner's or shareholder's
share of all payments received for the
property in the following tax years.

If the disposition was a disposition of
property given up in an exchange
involving like-kind property made during
the partnership's or S corporation's tax
year, any information needed by the
partner or shareholder to complete
Form 8824.
If you have a carryforward of unused
section 179 expense deduction that
includes section 179 expense deduction
previously passed through to you for the
disposed asset, you must reduce your
carryforward by your share of the
section 179 expense deduction shown
on Schedule K-1 (or the amount
attributable to that property included in
your carryforward amount).
Note. Partnerships (other than electing
large partnerships) and S corporations
do not report these transactions on
Forms 4797, 4684, 6252, or 8824.
Instead, they provide their partners and
shareholders the information they need
to report the transactions. See the
instructions for Form 1065 or Form
1120S for details on the information that
must be reported on Schedule K-1.

Line 1

Enter on line 1 the total gross proceeds
from:
Sales or exchanges of real estate
reported to you for 2012 on Form(s)
1099-S (or substitute statement) that
you are including on line 2, 10, or 20
and
Sales of securities or commodities
reported to you for 2012 on Forms
1099-B (or substitute statements) that
you are including on line 10 because
you are a trader with a mark-to-market
election under section 475(f) in effect for
the tax year. See Traders Who Made a
Mark-To-Market Election , earlier, and
the Instructions for line 10 later.

Part I

Use Part I to report section 1231
transactions that are not required to be
reported in Part III.

Section 1231 transactions. The
following are section 1231 transactions.
Sales or exchanges of real or
depreciable property used in a trade or
business and held for more than 1 year.
To figure the holding period, begin
counting on the day after you received
the property and include the day you
disposed of it.
Cutting of timber that the taxpayer
elects to treat as a sale or exchange
under section 631(a).
Disposal of timber with a retained
economic interest that is treated as a
-4-

sale, or an outright sale of timber, under
section 631(b).
Disposal of coal (including lignite) or
domestic iron ore with a retained
economic interest that is treated as a
sale under section 631(c).
Sales or exchanges of cattle and
horses, regardless of age, used in a
trade or business for draft, breeding,
dairy, or sporting purposes and held for
24 months or more from acquisition
date.
Sales or exchanges of livestock other
than cattle and horses, regardless of
age, used in a trade or business for
draft, breeding, dairy, or sporting
purposes and held for 12 months or
more from acquisition date.
Note. Livestock does not include
poultry, chickens, turkeys, pigeons,
geese, other birds, fish, frogs, reptiles,
etc.
Sales or exchanges of unharvested
crops. See section 1231(b)(4).
Involuntary conversions of trade or
business property or capital assets held
more than 1 year in connection with a
trade or business or a transaction
entered into for profit. These
conversions may result from (a) part or
total destruction, (b) theft or seizure, or
(c) requisition or condemnation
(whether threatened or carried out). If
any recognized losses were from
involuntary conversions from fire, storm,
shipwreck, or other casualty or from
theft and the losses exceed the
recognized gains from the conversions,
do not include any gains or losses from
such conversions when figuring your net
section 1231 losses.
Transactions to which section
1231 does not apply. Section 1231
transactions do not include sales or
exchanges of:
Inventory or property held primarily
for sale to customers;
Copyrights, literary, musical, or
artistic compositions, letters or
memoranda, or similar property (a)
created by your personal efforts, (b)
prepared or produced for you (in the
case of letters, memoranda, or similar
property), or (c) received from someone
who created them or for whom they
were created, as mentioned in (a) or (b),
in a way that entitled you to the basis of
the previous owner (such as by gift); or
U.S. Government publications,
including the Congressional Record,
that you received from the Government
other than by purchase at the normal
sales price or that you got from
someone who had received it in a

Worksheet for Partners and S Corporation Shareholders To
Figure Gain or Loss on Dispositions of Property for
Which a Section 179 Deduction Was Claimed

Keep for Your Records

Caution: See the worksheet instructions below before starting.
1. Gross sales price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.
2. Cost or other basis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.
3. a
Depreciation (excluding section 179 expense deduction) . . . . . . . . . . . 3a.
b
Section 179 expense deduction . . . . . . . . . . . . . . . . . . 3b.
c
Unused carryover of section 179 expense
deduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3c.
d
Subtract line 3c from line 3b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3d.
e
Add lines 3a and 3d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3e.
4. Adjusted basis. Subtract line 3e from line 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.
5. Gain or loss. Subtract line 4 from line 1 (see Where To Report Amounts From Worksheet, below) . . . . . . . . . . 5.
Worksheet Instructions
Caution: For a disposition due to casualty or theft, skip lines 1 and 5 and enter the amount from line 4 on Form 4684, line 20, and
complete the rest of Form 4684.
Lines 1, 2, 3a, and 3b. Enter these amounts from Schedule K-1 (Form 1065 or 1120S).
Line 3c. If you were unable to claim all of the section 179 expense deduction previously passed through to you for the property (if
any), enter the smaller of line 3b or the portion of your unused carryover of section 179 expense deduction attributable to the
property. Make sure you reduce your carryover of disallowed section 179 expense deduction shown on Form 4562 by the amount
on line 3c.
Where To Report Amounts From Worksheet
Generally, the information from the above worksheet is reported on the lines specified below for Form 4797, Part III. However, for a
disposition under the installment method, complete the lines shown below for Form 6252. For dispositions of property given up in an
exchange involving like-kind property, complete the lines shown below for Form 8824.
If line 5 is a gain and the property was held more than 1 year, report the disposition as follows.
• Complete Form 4797, line 19, columns (a), (b), and (c); Form 6252, lines 1 through 4; or Form 8824, Parts I and II.
• Report the amount from line 1 above on Form 4797, line 20; Form 6252, line 5; or Form 8824, line 12 or 16.
• Report the amount from line 2 above on Form 4797, line 21; or Form 6252, line 8.
• Report the amount from line 3e above on Form 4797, line 22; or Form 6252, line 9.
• Report the amount from line 4 above on Form 4797, line 23; Form 6252, line 10; or Form 8824, line 13 or 18.
• Complete the rest of the applicable form.
If line 5 is zero or a loss and the property was held more than 1 year, report the disposition as follows. Do not report a loss on
Form 6252; instead, report the disposition on the lines shown for Form 4797.
• Complete Form 4797, line 2, columns (a), (b), and (c); or Form 8824, Parts I and II.
• Report the amount from line 1 above on Form 4797, line 2, column (d); or Form 8824, line 12 or 16.
• Report the amount from line 2 above on Form 4797, line 2, column (f).
• Report the amount from line 3e above on Form 4797, line 2, column (e).
• Report the amount from line 4 above on Form 8824, line 13 or 18.
• Complete the rest of the applicable form.
If the property was held one year or less, report the gain or loss on the disposition as shown below. Do not report a loss on
Form 6252; instead, report the disposition on the lines shown for Form 4797.
• Complete Form 4797, line 10, columns (a), (b), and (c); Form 6252, lines 1 through 4; or Form 8824, Parts I and II.
• Report the amount from line 1 above on Form 4797, line 10, column (d); Form 6252, line 5; or Form 8824, line 12 or 16.
• Report the amount from line 2 above on Form 4797, line 10, column (f); or Form 6252, line 8.
• Report the amount from line 3e above on Form 4797, line 10, column (e); or Form 6252, line 9.
• Report the amount from line 4 above on Form 6252, line 10; or Form 8824, line 13 or 18.
• Complete the rest of the applicable form.

similar way, if your basis is determined
by reference to the previous owner's
basis.

Line 7

Partners and S corporation
shareholders receive a Schedule K-1
(Form 1065 or Form 1120S), which
includes amounts that must be reported
on the Form 4797. Following the

instructions for Schedule K-1, enter any
amounts from your Schedule K-1 (Form
1120S), box 9, or Schedule K-1 (Form
1065), box 10, in Part I of Form 4797.
If the amount from line 7 is a gain and
you do not have nonrecaptured section
1231 losses from prior years (see
instructions for line 8), enter the gain
from line 7 as a long-term capital gain
-5-

on the Schedule D for the return you are
filing.

Line 8

Your net section 1231 gain on line 7 is
treated as ordinary income to the extent
of your “nonrecaptured section 1231
losses.” Your nonrecaptured section
1231 losses are your net section 1231
losses deducted during the 5 preceding

tax years that have not yet been applied
against any net section 1231 gain to
determine how much net section 1231
gain is treated as ordinary income under
this rule.
Example. You had net section 1231
losses of $4,000 and $6,000 in 2007
and 2008, respectively, and net section
1231 gains of $3,000 and $2,000 in
2011 and 2012, respectively. The 2012
net section 1231 gain of $2,000 is
entered on line 7 and the nonrecaptured
net section 1231 losses of $7,000
($10,000 net section 1231 losses minus
the $3,000 that was applied against the
2012 net section 1231 gain) are entered
on line 8. The entire $2,000 net section
1231 gain on line 7 is treated as
ordinary income and is entered on
line 12 of Form 4797. For recordkeeping
purposes, the $4,000 loss from 2007 is
all recaptured ($3,000 in 2011 and
$1,000 in 2012), and you have $5,000
of section 1231 losses from 2008 left to
recapture ($6,000 minus the $1,000
recaptured this year).

Figuring the Prior Year Losses
You had a net section 1231 loss if
section 1231 losses exceeded section
1231 gains. Gains are included only to
the extent taken into account in figuring
gross income. Losses are included only
to the extent taken into account in
figuring taxable income except that the
limitation on capital losses does not
apply.

Line 9

For recordkeeping purposes, if line 9 is
zero, the amount on line 7 is the amount
of net section 1231 loss recaptured in
2012. If line 9 is more than zero, you
have recaptured all of your net section
1231 losses from prior years.
Enter the gain from line 9 as a
long-term capital gain on the
Schedule D for the return you are filing.

Part II

If a transaction is not reportable in Part I
or Part III and the property is not a
capital asset reportable on Schedule D,
report the transaction in Part II.
If you received ordinary income from
a sale or other disposition of your
interest in a partnership, see Pub. 541,
Partnerships.

Line 10

Report other ordinary gains and losses,
including gains and losses from
property held 1 year or less, on this line.
Deduct the loss from a qualifying
abandonment of business or investment

property on line 10. See Abandonments
in Pub. 544 for more information.

Gain or Loss From Certain
Preferred Stock
Gain or loss recognized by any
“applicable financial institution” from the
sale or exchange of "any applicable
preferred stock" is ordinary income or
loss. An applicable financial institution
includes:
A financial institution defined in
section 582(c)(2), and
A depository institution holding
company defined in section 3(w)(1) of
the Federal Deposit Insurance Act.
Also, for this purpose,“applicable
preferred stock” is preferred stock of
Federal National Mortgage Association
(Fannie Mae), or the Federal Home
Loan Mortgage Corporation (Freddie
Mac) that was:
Held by the applicable financial
institution on September 6, 2008, or
Sold or exchanged by the applicable
financial institution after December 31,
2007, and before September 7, 2008.
In the case of a sale or exchange of
applicable preferred stock after
September 6, 2008, by a taxpayer that
held such preferred stock on September
6, 2008, these provisions apply only
where the taxpayer was an applicable
financial institution at all times during the
period beginning on September 6, 2008,
and ending on the date of the sale or
exchange of the applicable preferred
stock. Therefore, any Fannie Mae or
Freddie Mac preferred stock held by a
taxpayer that was not an applicable
financial institution on September 6,
2008, is not applicable preferred stock
(even if such taxpayer subsequently
became an applicable financial
institution).
For guidance on preferred stock held
indirectly by applicable financial
institutions through partnerships and
subsidiaries, see Rev. Proc. 2008-64,
2008-47 I.R.B. 1195, available at
www.irs.gov/irb/2008–47_IRB/
ar12.html.

Deferred Gain from Qualifying
Electric Transmission Transaction
If you sold or exchanged qualifying
electric transmission property before
January 1, 2008 (before January 1,
2014, for a qualified electric utility), and
elected under section 451(i) to defer the
realized gain, the deferred gain is
recognized ratably over the 8-year
-6-

period that began with the tax year that
includes the date of the disposition.
Include the applicable portion of the
deferred gain for the current tax year on
line 10. Enter “Deferred gain under
section 451(i)” in column (a) and 1/8 of
the deferred gain in column (g). See
section 451(i) for more details.

Securities or Commodities Held by
a Trader Who Made a
Mark-To-Market Election
Report on line 10 all gains and losses
from sales and dispositions of securities
or commodities held in connection with
your trading business, including gains
and losses from marking to market
securities and commodities held at the
end of the tax year (see Traders Who
Made a Mark-To-Market Election,
earlier. Attach to your tax return a
statement, using the same format as
line 10, showing the details of each
transaction. Separately show and
identify securities or commodities held
and marked to market at the end of the
year. On line 10, enter “Trader—see
attached” in column (a) and the totals
from the statement in columns (d), (f),
and (g). Also, see the instructions for
line 1 above.

Small Business Investment
Company Stock
Report on line 10 ordinary losses from
the sale or exchange (including
worthlessness) of stock in a small
business investment company
operating under the Small Business
Investment Act of 1958. See
section 1242.
Also attach a statement that includes
the name and address of the small
business investment company and, if
applicable, the reason the stock is
worthless and the approximate date it
became worthless.

Section 1244 (Small Business)
Stock
Individuals report ordinary losses from
the sale or exchange (including
worthlessness) of section 1244 (small
business) stock on line 10.
To qualify as section 1244 stock, all
six of the following requirements must
be met.
1. You acquired the stock after June
30, 1958, upon original issuance of the
shares from a domestic corporation (or
the stock was acquired by a partnership
in which you were a partner

continuously from the date the stock
was issued until the time of the loss).
2. If the stock was issued before
November 7, 1978, it was issued under
a written plan that met the requirements
of Regulations section 1.1244(c)-1(f),
and when that plan was adopted, the
corporation was treated as a small
business corporation under Regulations
section 1.1244(c)-2(c).
3. If the stock was issued after
November 6, 1978, the corporation was
treated as a small business corporation
at the time the stock was issued under
Regulations section 1.1244(c)-2(b). To
be treated as a small business
corporation, the total amount of money
and other property received by the
corporation for its stock as a
contribution to capital and paid-in
surplus generally may not exceed $1
million.
4. The stock was issued for money
or other property (excluding stock or
securities).
5. The corporation, for its 5 most
recent tax years ending before the date
of the loss, derived more than 50% of its
gross receipts from sources other than
royalties, rents, dividends, interest,
annuities, and gains from sales and
exchanges of stocks or securities. If the
corporation was in existence for at least
1 tax year but fewer than 5 tax years
ending before the date of the loss, the
50% test applies for the tax years
ending before that date. If the
corporation was not in existence for at
least 1 tax year ending before the date
of the loss, the 50% test applies for the
entire period ending before that date.
The 50% test does not apply if the
corporation's deductions (other than the
net operating loss and
dividends-received deductions)
exceeded its gross income during the
applicable period. But this exception to
the 50% test applies only if the
corporation was largely an operating
company within the 5 most recent tax
years ending before the date of the loss
(or, if less, the entire period the
corporation was in existence).
6. If the stock was issued before
July 19, 1984, it must have been
common stock.
The maximum amount that may be
treated as an ordinary loss on Form
4797 is $50,000 ($100,000 if married
filing jointly). Special rules may limit the
amount of your ordinary loss if (a) you
received section 1244 stock in
exchange for property with a basis in
excess of its FMV or (b) your stock

basis increased because of
contributions to capital or otherwise.
See Pub. 550 for more details.
Attach a computation of the loss from
the sale or exchange of section 1244
property. On line 10, enter “Losses on
Section 1244 (Small Business Stock),”
in column (a), and enter the allowable
loss in column (g). Report on
Schedule D losses in excess of the
maximum amount that may be treated
as an ordinary loss (and all gains) from
the sale or exchange of section 1244
stock.
Keep adequate records to distinguish
section 1244 stock from any other stock
owned in the same corporation.

Line 18a

You must complete this line if there is a
gain on Form 4797, line 3; a loss on
Form 4797, line 11; and a loss on Form
4684, line 35, column (b)(ii). Enter on
this line the smaller of the loss on Form
4797, line 11, or the loss on Form 4684,
line 35, column (b)(ii). To figure which
loss is smaller, treat both losses as
positive numbers. Enter the part of the
loss from income-producing property on
Schedule A (Form 1040), line 28, and
the part of the loss from property used
as an employee on Schedule A (Form
1040), line 23.

Part III
Partners and shareholders
reporting a disposition of
section 179 property which was
separately reported to you on
Schedule K-1 (Form 1065 or 1120S),
see Partners and S corporation
shareholders at the beginning of the
Specific Instructions.

TIP

Generally, for property held 1 year or
less, do not complete Part III; instead
use Part II. For exceptions, see the chart
on page 1.
Use Part III to figure recapture of
depreciation and certain other items that
must be reported as ordinary income on
the disposition of property. Complete
lines 19 through 24 to determine the
gain on the disposition of the property. If
you have more than four properties to
report, use additional forms. For more
details on depreciation recapture, see
Pub. 544.
Note. If the property was sold on the
installment sale basis, see the
Instructions for Form 6252 before
completing Part III. Also, if you have
both installment sales and
-7-

noninstallment sales, you may want to
use separate Forms 4797, Part III, for
the installment sales and the
noninstallment sales.

Line 20

The gross sales price includes money,
the FMV of other property received, and
any existing mortgage or other debt the
buyer assumes or takes the property
subject to. For casualty or theft gains,
include insurance or other
reimbursement you received or expect
to receive for each item. Include on this
line your insurance coverage, whether
or not you are submitting a claim for
reimbursement.
For section 1255 property disposed
of in a sale, exchange, or involuntary
conversion, enter the amount realized.
For section 1255 property disposed of in
any other way, enter the FMV.

Line 21

Reduce the cost or other basis of the
property by the amount of any
enhanced oil recovery credit or disabled
access credit. However, do not adjust
the cost or other basis for any of the
items taken into account on line 22.

Line 22

Complete the following steps to figure
the amount to enter on line 22.

Step 1. Add amounts such as the
following.
Deductions allowed or allowable for
depreciation (including any special
depreciation allowance (see the Form
4562 Instructions)), amortization,
depletion, or preproductive expenses
(see Disposition of plants and animals in
chapter 9 of Pub. 225).
The section 179 expense deduction.
The commercial revitalization
deduction, for buildings placed in
service before 2010.
The downward basis adjustment
under section 50(c) (or the
corresponding provision of prior law).
The deduction for qualified clean-fuel
vehicle property or refueling property.
Deductions claimed under section
190, 193, or 1253(d)(2) or (3) (as in
effect before the enactment of P.L.
103-66).
The basis reduction for any qualified
plug-in electric or qualified electric
vehicle credit.
The basis reduction for the
employer-provided childcare facility
credit.
The deduction for qualified energy
efficient commercial building property.
The basis reduction for the alternative
motor vehicle credit.

The basis reduction for the alternative
fuel vehicle refueling property credit.
Step 2. From the Step 1 total, subtract
amounts such as the following.
Any investment credit recapture
amount if the basis of the property was
reduced in the tax year the property was
placed in service under section 50(c)(1)
(or the corresponding provision of prior
law). See section 50(c)(2) (or the
corresponding provision of prior law).
Any section 179 or 280F(b)(2)
recapture amount included in gross
income in a prior tax year because the
business use of the property decreased
to 50% or less.
Any qualified clean-fuel vehicle
property or refueling property deduction
you were required to recapture.
Any basis increase for qualified
plug-in electric or qualified electric
vehicle credit recapture.
Any basis increase for recapture of
the employer-provided childcare facility
credit.
Any basis increase for recapture of
the alternative motor vehicle credit.
Any basis increase for recapture of
the alternative fuel vehicle refueling
property credit.
Any qualified disaster expense
recapture under section 198A(d).
For more information on amounts
recaptured as depreciation allowed or
allowable, see chapter 3 of Pub. 544.
You may have to include
depreciation allowed or allowable on
another asset (and refigure the basis
amount for line 21) if you use its
adjusted basis in determining the
adjusted basis of the property described
on line 19. An example is property
acquired by a trade-in. See Regulations
section 1.1245-2(a)(4). Also, see
Like-Kind Exchanges under Nontaxable
Exchanges in chapter 1 of Pub. 544.

Line 23

For section 1255 property, enter the
adjusted basis of the section 126
property disposed of.

Line 25
Section 1245 property. Section 1245
property is property that is depreciable
(or amortizable under section 185
(repealed), 197, or 1253(d)(2) or (3) (as
in effect before the enactment of P.L.
103-66)) and is one of the following.
Personal property.
Elevators and escalators placed in
service before 1987.
Real property (other than property
described under tangible real property
below) adjusted for the following.

1. Amortization of certified pollution
control facilities.
2. The section 179 expense
deduction.
3. Deduction for clean-fuel vehicles
and certain refueling property.
4. Deduction for capital costs
incurred in complying with
Environmental Protection Agency sulfur
regulations.
5. Deduction for certain qualified
refinery property.
6. Deduction for qualified energy
efficient commercial building property.
7. Deduction for election to expense
qualified advanced mine safety
equipment property.
8. Amortization of railroad grading
and tunnel bores. if in effect before the
repeal by the revenue Reconciliation
Act of 1990. (Repealed by P.L. 99-514,
Tax Reform Act of 1986, section
242(a).)
9. Certain expenditures for child
care facilities. If in effect before the
repeal by P.L. 101-508, section 11801
(a)(13). (Repealed by P.L. 101-508,
Omnibus Budget Reconciliation Act of
1990, section 11801(a)(13), except with
regards to deductions made prior to
November 5,1990.)
10. Expenditures to remove
architectural and transportation barriers
to the handicapped and elderly.
11. Deduction for qualified tertiary
injectant expenses.
12. Certain reforestation
expenditures.
Tangible real property (except
buildings and their structural
components) if it is used in any of the
following ways.
1. As an integral part of
manufacturing, production, or extraction
or of furnishing transportation,
communications, or certain public utility
services.
2. As a research facility in these
activities.
3. For the bulk storage of fungible
commodities (including commodities in
a liquid or gaseous state) used in these
activities.
A single purpose agricultural or
horticultural structure (as defined in
section 168(i)(13)).
A storage facility (not including a
building or its structural components)
used in connection with the distribution
of petroleum or any primary petroleum
product.
-8-

Any railroad grading or tunnel bore
(as defined in section 168(e)(4)).
Exceptions and limits. See section
1245(b) for exceptions and limits
involving the following.
Gifts.
Transfers at death.
Certain tax-free transactions.
Certain like-kind exchanges,
involuntary conversions, etc.
Property distributed by a partnership
to a partner.
Transfers to tax-exempt
organizations where the property will be
used in an unrelated business.
Timber property.
Special rules. See the following
sections for special rules.
Section 1245(a)(4) (repealed) for
player contracts and section 1056(c)
(repealed) for information required from
the transferor of a franchise of any
sports enterprise, for sales or
exchanges before October 23, 2004,
involving the transfer of player
contracts.
Section 1245(a)(5) (repealed) for
property placed in service before 1987,
if only a portion of a building is section
1245 recovery property.
Section 1245(a)(6) (repealed) for
qualified leased property placed in
service before 1987.
Section 1245(b)(8) for dispositions of
amortizable section 197 intangibles.

Line 26

Section 1250 property is depreciable
real property (other than section 1245
property). Generally, section 1250
recapture applies if you used an
accelerated depreciation method or you
claimed any special depreciation
allowance, or the commercial
revitalization deduction.

Section 1250 recapture does
not apply to dispositions of the
following MACRS property
placed in service after 1986 (or after
July 31, 1986, if elected). You are not
required to calculate additional
depreciation for these properties on
line 26.
27.5-year (or 40-year, if elected)
residential rental property (except for
27.5 year qualified New York Liberty
Zone property acquired after September
10, 2001).
22-, 31.5-, or 39-year (or 40-year, if
elected) nonresidential real property
(except for 39-year qualified New York
Liberty Zone property acquired after
September 10, 2001, and property for

TIP

which you elected to claim a
commercial revitalization deduction).
ACRS property. Real property
depreciable under ACRS (pre-1987
rules) is subject to recapture under
section 1245, except for the following,
which are treated as section 1250
property.
15-, 18-, or 19-year real property and
low-income housing that is residential
rental property.
15-, 18-, or 19-year real property and
low-income housing that is used mostly
outside the United States.
15-, 18-, or 19-year real property and
low-income housing for which a straight
line election was made.
Low-income rental housing described
in clause (i), (ii), (iii), or (iv) of section
1250(a)(1)(B). See the instructions for
line 26b.
Exceptions and limits. See section
1250(d) for exceptions and limits
involving the following.
Gifts.
Transfers at death.
Certain tax-free transactions.
Certain like-kind exchanges,
involuntary conversions, etc.
Property distributed by a partnership
to a partner.
Disposition of qualified low-income
housing.
Transfers of property to tax-exempt
organizations if the property will be used
in an unrelated business.
Dispositions of property as a result of
foreclosure proceedings.
Special rules. Special rules apply in
the following cases.
For additional depreciation
attributable to rehabilitation
expenditures, see section 1250(b)(4).
If substantial improvements have
been made, see section 1250(f).

Line 26a
Enter the additional depreciation for the
period after 1975. Additional
depreciation is the excess of actual
depreciation (including any special
depreciation allowance, or commercial
revitalization deduction) over
depreciation figured using the straight
line method. For this purpose, do not
reduce the basis under section 50(c)(1)
(or the corresponding provision of prior
law) to figure straight line depreciation.
Also, if you claimed a commercial
revitalization deduction, figure
straight-line depreciation using the
property's applicable recovery period
under section 168.

Line 28

Line 26b
Generally, use 100% as the percentage
for this line. However, for low-income
rental housing described in clause (i),
(ii), (iii), or (iv) of section 1250(a)(1)(B),
see that section for the percentage to
use.

If you had a gain on the disposition of
oil, gas, or geothermal property placed
in service before 1987, treat all or part of
the gain as ordinary income. Include on
line 22 of Form 4797 any depletion
allowed (or allowable) in determining
the adjusted basis of the property.

Line 26d

If you had a gain on the disposition of
oil, gas, geothermal, or other mineral
properties (section 1254 property)
placed in service after 1986, you must
recapture all expenses that were
deducted as intangible drilling costs,
depletion, mine exploration costs, and
development costs under sections 263,
616, and 617.

Enter the additional depreciation after
1969 and before 1976. If straight line
depreciation exceeds the actual
depreciation for the period after 1975,
reduce line 26d by the excess. Do not
enter less than zero on line 26d.

Line 26f
The amount the corporation treats as
ordinary income under section 291 is
20% of the excess, if any, of the amount
that would be treated as ordinary
income if such property were section
1245 property, over the amount treated
as ordinary income under section 1250.
If the corporation used the straight line
method of depreciation, the ordinary
income under section 291 is 20% of the
amount figured under section 1245.

Line 27

Partnerships (other than electing large
partnerships) skip this section. Partners
must enter on the applicable lines of
Part III amounts subject to section 1252
according to instructions from the
partnership.
You may have ordinary income on
the disposition of certain farmland held
more than 1 year but less than 10 years.
Refer to section 1252 to determine if
there is ordinary income on the
disposition of certain farmland for which
deductions were allowed under sections
175 (soil and water conservation) and
182 (land clearing) (repealed). Skip
line 27 if you dispose of such farmland
during the 10th or later year after you
acquired it.

Gain from disposition of certain
farmland is subject to ordinary income
rules under section 1252 before the
application of section 1231 (Part I).
Enter 100% of line 27a on line 27b
except as follows.
80% if the farmland was disposed of
within the 6th year after it was acquired.
60% if disposed of within the 7th
year.
40% if disposed of within the 8th
year.
20% if disposed of within the 9th
year.
-9-

Exception. Property placed in service
after 1986 and acquired under a written
contract entered into before September
26, 1985, and binding at all times
thereafter is treated as placed in service
before 1987.
Note. A corporation that is an
integrated oil company completes
line 28a by treating amounts amortized
under section 291(b)(2) as deductions
under section 263(c).

Line 28a
If the property was placed in service
before 1987, enter the total expenses
after 1975 that:
Were deducted by the taxpayer or
any other person as intangible drilling
and development costs under section
263(c) (except previously expensed
mining costs that were included in
income upon reaching the producing
state), and
Would have been reflected in the
adjusted basis of the property if they
had not been deducted.
If the property was placed in service
after 1986, enter the total expenses
that:
Were deducted under section 263,
616, or 617 by the taxpayer or any other
person; and
But for such deduction, would have
been included in the basis of the
property, plus
The deduction under section 611 that
reduced the adjusted basis of such
property.
If you disposed of a portion of section
1254 property or an undivided interest in
it, see section 1254(a)(2).

Line 29a

Use 100% if the property is disposed of
less than 10 years after receipt of

payments excluded from income. Use
100% minus 10% for each year, or part
of a year, that the property was held
over 10 years after receipt of the
excluded payments. Use zero if 20
years or more.

Line 29b

this year, figure the amount to be
recaptured under section 280F(b)(2).
Complete column (b), lines 33 through
35. See Pub. 463, Travel,
Entertainment, Gift, and Car Expenses,
for more details on recapture of excess
depreciation.

If any part of the gain shown on
line 24 is treated as ordinary income
under sections 1231 through 1254 (for
example, section 1252), enter the
smaller of (a) line 24 reduced by the part
of the gain treated as ordinary income
under the other provision or (b) line 29a.

Note. If you have more than one
property subject to the recapture rules,
figure the recapture amounts separately
for each property. Show these
calculations on a separate statement
and attach it to your tax return.

Part IV

In column (a), enter the section 179
expense deduction you claimed when
the property was placed in service. In
column (b), enter the depreciation
allowable on the property in prior tax
years (plus any section 179 expense
deduction you claimed when the
property was placed in service).

Column (a)

If you took a section 179 expense
deduction for property placed in service
after 1986 (other than listed property, as
defined in section 280F(d)(4)) and the
business use of the property decreased
to 50% or less this year, complete
column (a) of lines 33 through 35 to
figure the recapture amount.

Column (b)

If you have listed property that you
placed in service in a prior year and the
business use decreased to 50% or less

Line 33

Line 34

In column (a), enter the depreciation
that would have been allowable on the
section 179 property from the year the
property was placed in service through
(and including) the current year. See
Pub. 946, How To Depreciate Property.

In column (b), enter the depreciation
that would have been allowable if the
property had not been used more than
50% in a qualified business. Figure the
depreciation from the year it was placed
in service up to (but not including) the
current year. See Pub. 463 and Pub.
946.

Line 35

Subtract line 34 from line 33 and enter
the recapture amount as “other income”
on the same form or schedule on which
you took the deduction. For example, if
you took the deduction on Schedule C
(Form 1040), report the recapture
amount as other income on Schedule C
(Form 1040).
Note. If you filed Schedule C or F
(Form 1040) and the property was used
in both your trade or business and for
the production of income, the portion of
the recapture amount attributable to
your trade or business is subject to
self-employment tax. Allocate the
amount on line 35 to the appropriate
schedules.
Be sure to increase your basis in the
property by the recapture amount.

Paperwork Reduction Act Notice. We ask for the information on this form to carry out the Internal Revenue laws of the
United States. You are required to give us the information. We need it to ensure that you are complying with these laws and to
allow us to figure and collect the right amount of tax.
You are not required to provide the information requested on a form that is subject to the Paperwork Reduction Act unless
the form displays a valid OMB control number. Books or records relating to a form or its instructions must be retained as long
as their contents may become material in the administration of any Internal Revenue law. Generally, tax returns and return
information are confidential, as required by section 6103.
The time needed to complete and file this form will vary depending on individual circumstances. The estimated burden for
individual taxpayers filing this form is approved under OMB control number 1545-0074 and is included in the estimates shown
in the instructions for their individual income tax return. The estimated burden for all other taxpayers who file this form is shown
below.
Recordkeeping . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Learning about the law or the form . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Preparing and sending the form to the IRS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

35 hr., 23 min.
8 hr., 20 min.
9 hr., 17 min.

If you have comments concerning the accuracy of these time estimates or suggestions for making this form simpler, we
would be happy to hear from you. See the instructions for the tax return with which this form is filed.

-10-


File Typeapplication/pdf
File Title2012 Instructions for Form 4797
SubjectInstructions for Form 4797, Sales of Business Property (Also Involuntary Conversions and Recapture Amounts Under Sections 179
AuthorW:CAR:MP:FP
File Modified2014-04-25
File Created2013-02-05

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