Frane wongham UUTTOIRS gue years 1. Sale of orce equipment on March 15 that cost $45,200 when purchased on July 1, 2018. Frank has claimed 59,040 in depreciation and sells the asset for $40,680 costs 2. Sale of land on April 19 for $163,000. The tand cost $179,300 when purchased on February 1, 2009. Frank's selling costs are $32,600 Assume there were no capital improvements on either business asset sold. Frank's Social Security number is 924-56-5783. Complete Form 4797 to report the above gains or losses. Enter all amounts as positive numbers except for a loss". If required enter a "loss" as a negative number on the tax form. If an amount is zero, ente Form 4797 Sales of Business Property OMB No. 1545-0184 (Also involuntary Conversions and Recapture Amounts Under Sections 179 and 280F(b) Department of the (2)) 2020 Treasury Internal Attach to your tax return. Attachment Revenue Service Go to www.irs.gov/form4797 for instructions and the latest information Sequence No. 27 Name(s) shown on return Identifying number Frank Willingham 924-56-5783 1 Enter the gross proceeds from sales or exchanges reported to you for 2020 on Form(s) 1099 B or 1099 S (or substitute statement) that you are including on line 2, 10, or 20. See instructions 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(soe instructions) (o) Depreciation () Cost or other (9) Gain or (loss) (b) Date acquired (c) Date sold (mo, (d) Gross allowed or basis, plus action Cantha 2 (a) Description of property (b) Date acquired (moday, yr) (c) Date sold (mo day. yr (d) Gross sales price (e) Depreciation (1) Cost or other allowed or basis, plus allowable since improvements and acquisition expense of sale (9) Gain or loss) Subtract () from the sum of (d) and (e) Land 3 Gain, if any, from Form 4684, line 39 3 4 5 6 7 4 Section 1231 gain from installment sales from Form 6252, line 26 or 37. 5 Section 1231 gain or (los) from like kind exchanges from Form 8824 6 Gain, if any, from line 32, from other than casualty or thert 7. Combine lines 2 tirough 6. Enter the gain or loss) here and on the appropriate line as follows: Partnerships and corporations. Report the gain or loss) following the instructions for Form 1065 Schedule K, 10, or Form 1120-5, Schedule Kitne 9. Skip lines 8, 9, 11, and 12 below Individuals, partners, corporation shareholders, and all others. I line 7 is zero or a loss, enter the amount from line on line 11 below and skip lines 8 and 9. Ir line 7 is again and you didn't have any prior Year section 1231 losses, or they were recaptured in an earlier year, enter the gain from line 7 as a long term capital gain on the schedule led with your return and skip lines 8, 9, 11, and 12 below. 8 Nonrecaptured het section 1231 losses from prior years. See instructions Subtract line from line. If zero or less, enter-O-. If line is zero, enter the gain from line on line 12 below. If line 9 is more than tero, enter the amount from line on line 12 below and enter the gain from line 9 12 13 14 15 16 17 11 Loss, if any, from in 12 Gain, if any, from line or amount from line 8,applicable 13 Gain, if any, from line 31 14 Net gain or loss) from Form4684, lines 31 and 388 15 Ordinary gain from installment sales from Form 6252. in 25 or 36 16 Ordinary gain or loss) from like-kind exchanges from Form 8824 17 Combine Ines 10 through 16 18 For all except individual returns, enter the amount from line 17 on the appropriate line of your return and skip lines a and b below. For individual returns, complete lines and below a If the loss on line 11 includes a loss from Form 4684, line 35, column (b)(i), enter that part of the loss here Enter the loss from income producing property on Schedule A (Form 1040), line 16. (Do not indude any loss on property used as an employee.) Identity as from "Form 4797, line 18a." See Instructions Redetermine the pain or loss) on line 17 excluding the loss, if any, on line 18, Enter here and on schedule 1 (Form 1040), Part I line 4 For Paperwork Reduction Act Notice, se separate instructions Cat No. 330061 18 18b Form 4797 (2020) Page 2 Form 4797 (2020) Part III Gain From Disposition of Property Under Sections 1245, 1250, 1252, 1254, and 1255 (see instructions ant b) Date acquired (moday, Y) (c) Date sold (mo, day. Y) 19 (a) Description of section 1245, 1250, 1252, 1254, or 1255 property A Omce evident 5 D Property A Property Property Property D 20 These columns relate to the properties on lines 19A through 190. Gross sale price (Note See line before 20 completing.) Cost or other basis plus expense of sale 21 21 Depreciation for depletion) allowed or allowable 22 22 Adjusted basis. Subtract line 22 from line 21 23 23 Total gain. Subtract line 23 from line 20 24 25 If section 1245 property Depreciation allowed or allowable from line 22 25 Enter the smaller of line 24 or 5 b 255 26 If section 1250 property: It straight line depreciation was used, enter -- on line 269. except for a corporation subject to section 291 Additional depreciation after 1975. See instructions 26a b Applicable percentage multiplied by the smaller of line 24 or line 26. Ste instructions 26b Subtract line 26 from line 24. If residential rental property or line 24 isn't more than line 268, chines 26 and 200 Additional depreciation after 1969 and before 1976 266 26 Enter the smaller of line 260 or 260 e 260 Section 291 amount (corporations only) 261 Add lines 260, 266, and 261 g 269 29 If section 1255 property Applicable percentage of payments excluded from income under section 126. See instructions 29 Enter the smaller of int 24 orza. See instructions b 29b Summary of Part III Gains. Complete property columns A through through line 29b before going to line 30 30 Total gains for all properties. Add property columns A through o, line 24 30 31 Add property columns A through lines 25, 26, 27, 28, and 295. Enter here and on line 13 31 32 Subtract line 31 from line 30. Enter the portion from casualty or theft on Form 4634, line 13 Enter the portion from other than casualty or theft on Form 4797, line 6. 32 Part TV Recapture Amounts Under Sections 179 and 280F(b)(2) When Business Use Drops to 50% or less (see instructions) (a) Section (b) Section 179 280F(b)(2) 33 Section 179 expense deduction or depreciation allowable in prior years 33 34 Recomputed depreciation. See Instructions 34 35 Recapture amount. Subtract line 34 from line 33. See the instructions for where to report 35 Form 4797 (2020)