Form 4797 Sales of Business Property 2006. Summary: This is an example of Form 4797 (2005) as pertains to the text. The completed line items are:
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“Name(s) shown on return” field contains Charles and Lily Woods
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“Identifying number” field contains 123-00-4567
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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”:
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“2(a) Description of property” field contains Land from Activity A (From passive activity)
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“2(b) Date acquired (month, day, year)” field contains 1-4-92
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“2(c) Date sold (month, day, year)” field contains 1-5-06
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“2(d) Gross sales price” field contains 6,000
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“2(f) Cost or other basis, plus improvements and expense of sale” field contains 3,224
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“2(g) Gain or (loss) Subtract (f) from the sum of (d) and (e)” field contains 2,776
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“7. Combine lines 2 through 6. Enter the gain or (loss) here and on the appropriate line as follows:” field contains
2,776
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