Form 4797 Sales of Business Property 2003. Summary: This is a sample of Form 4797 (2003) with items included as described in the text. Additionally, these line items
have been
completed:
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“Name(s) shown on return” field contains Jane Smith
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“Identifying number” field contains 458-00-0327
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| Under
“Part I: Sales or Exchanges of Property Used in a Trade or Business and Involuntary Conversions From Other Than Casualty or
Theft--Most
Property Held More Than 1 Year (See instructions.)”:
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“ 2(a) Description of property” field contains Customer parking lot
“ 2(b) Date acquired (month, day, year)” field contains 10-1-80
“ 2(c) Date sold (month, day, year)” field contains 3-16-03
“ 2(d) Gross sales price” field contains 8,000
“ 2(e) Depreciation allowed or allowable since acquisition” field contains 0
“ 2(f) Cost or other basis, plus improvements and expense of sale” field contains 6,000
“ 2(g) Gain or (loss) for entire year Subtract 2(f) from the sum of 2(d) and 2(e)” field contains 2,000
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| Under
“Part II: Ordinary Gains and Losses”:
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“ 18. Combine lines 10 through 17. Enter the gain or (loss) here and on the appropriate line as follows:” field contains 4,200
“ 18b(2) For individual returns: Redetermine the gain or (loss) on line 18 excluding the loss, if any, on line 18b(1). Enter
here and on Form
1040, line 14” field contains 4,200
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