George Buckner sells an apartment building on October 10 for $1.75 million. The building was purchased on January 1, 2000, for $2 million. Depreciation of $420,000 has been taken. The figures given above do not include the purchase price or the selling price of the land. Mr. Buckners adjusted basis for the land is $200,000, and the sales price is $350,000. Mr. Buckner, who owns and operates a taxi business, sells one of the automobiles for $1,800 on November 14th. The automobiles adjusted basis is zero, and the original cost is $15,000. The automobile was purchased on April 25, 2011. Mr. Buckner has no other gains and losses during the year, and non-recaptured net Sec. 1231 losses amount to $32,000. Prepare Form 4797.

From 4797 Sales of Business Property CMB No 1515-015 (Also involuntary Conversions and Recapture Amounts 2020 Under Sections 179 and 280F (2) Department of the Attach to your tax retur. Attachment Internet Service Go to www.rs.gov/FormP97 for instructions and the latest Information SEN 27 Names shown on return dentifying number 1 Enter the grous proceeds from sale or axchanges reported to you for 2000 on Form10008 1000 for subhe statement that you are including on ine? 10 or 20 See instructions Part 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(se instructions Derecho Coro 2 Desen me Decured Date word 10 Gain wo Submerom the de wowe 3 4 5 6 7 3 Gandany, from Form4684, line 39 4 Section 1231 gan from timent sales from fom 6252, line 26 or 37 Section 1231 gan ar dorom liekind exchanges from Form24 6 Gan, if any, from line 32, from other city of the 7 Combine Ines through. Enter the gain or oss here and on the appropriate tine as follows Partnerships and corporation. Report the canor Gootolowing the tractions tor Form 108, Schedule line 10, or Form 1120-8. Schedule Kine 9. Skipines # 11. and t2 below Individuals, partners, corporation shareholders, and all others. Yine iscrete the mount from tre 7 on line 11 below and ship in and in and you didn't have any prioryction 1931 losses, or they were recaptured in an earler year, enter the gain from time 7 as a congtem capital gain on the Schedule Died with your return and spines 8,6. 11 and 12 below. # Nonrecaptured net section 1291 strom prior years. So instructions Subtract line from line 7. 2010 or less enteroline is 200, enter the gain from ine Ton in 12. line 9 more than 20, enter the amount from lines on ine 12 below and enter the gain from Ine as a long term capital gain on the schedule filed with your return Sections Part II Ordinary Gains and Losses (see instructions 10 Ordrary one and loses not included on line 11 through 16 include property held tyror 11 12 13 14 15 16 17 11 Loss, if any, from ine 7 12 Ganary, from line 7 or amount troine if applicable 13 Ganary, from line 31 14 Net gain or foun) from Form 1684. Iines 31 and 38 15 Ordinary gan trom italienske from Form 52. ine 253 16 Ordinary gan ordo from the kind exchanges from Form 17 Combine in 10 through 16 18 For at except individual retums, enter the amount from time 17 on the propriate tre of your tumand skip the and below. For individu retums, completeness and below. at the loss on tino 11 includes a lose from Form 4654 ine 35, cu enter that part of these termelon from income producing property on Schede A Form 1040, ine 16. Do not include any son property as an employee) ilyas from Form 4707. 18. Se intruction Pedetermine the gain or towa) on 17 excluding the town any on Ineta. Erre and on Schedule Form 1000 Partl. line 6 For Paperwork Reduction Act Notice, separate instructions Form 4797 Page 2 For 4797 2020 Part III Gain From Disposition of Property Under Sections 1245, 1250, 1252, 1254, and 1255 (see instructions) 19 al Description of section 1245, 1250, 1252. 1254. or 1255 property Date acquired a day, y ) e) Dane od me day, y A B D Property A Property B Property C Property D These columns relate to the properties on lines 19Athrough 190. 20 Gross sales price (Note: See line before completing) 20 21 Cost or other basis plus expense of sale 21 22 Depreciation for depletion allowed or allowable. 22 23 Adjusted basis Subtract line 22 from line 21 23 26d 24 Total gain. Subtract line 23 from line 20 24 25 I section 1245 property a Depreciation allowed or allowable from line 22 25a b Enter the smaller of line 24 or 250 25b 26 section 1250 property straight line depreciation was used enter -- onine 269, except for a corporation subject to section 291 a Additional depreciation after 1975. See Instructions 26a b Applicable percentage multiplied by the smaller of fine 24 or line 260. See Instruction 25b Subtractine 26a from Ine 24. If residential rental property or line 24 isn't more than line 26a, skipines 26 and 26e 260 d Additional depreciation after 1960 and before 1976. . Enter the smaller of ine 260 or 26d 26e | Section 201 amount corporations only) 261 9 Add lines 260, 260, and 261 269 27 If section 1252 property: Skip this section if you didn't dispose of farmland or if this form is being completed for a partnership a Sol, water, and and clearing expenses 27a bLine 27a multipled by applicable percentage. See Instructions 27b Enter the smaller of line 24 or 27b 270 28 If section 1254 property a Intangible drilling and development costs, expenditures for development of mines and other natural deposits. mining exploration costs, and depletion. See instructions 28a b Enter the smaller of ine 24 or 282 28 29 I section 1258 property Applicable percentage of payments excluded from Income under section 126. See Instructions 29a b Enter the smaller of line 24 or 29a. See instructions 29 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 line 24 31 Add property columns A through D, Ines 25b, 269, 270, 28, and 290. Enter here and on Ine 13 31 32 Subtract line 31 from line 30. Enter the portion from casualty or theft on Form 4684. Ine 33. Enter the portion from other than casualty or theft on Form 4797, line 6 Part IV Recapture Amounts Under Sections 179 and 280F(b)(2) When Business Use Drops to 50% or Less (see instructions) al Section (b) Section 179 280F(b)(2) 33 Section 179 expense deduction or depreciation allowable in prior years. 34 Recomputed depreciation. See Instructions 34 35 Recapture amount. Subtract line 34 from line 33. See the instructions for where to report Form 4797 000 30 32 33 35 From 4797 Sales of Business Property CMB No 1515-015 (Also involuntary Conversions and Recapture Amounts 2020 Under Sections 179 and 280F (2) Department of the Attach to your tax retur. Attachment Internet Service Go to www.rs.gov/FormP97 for instructions and the latest Information SEN 27 Names shown on return dentifying number 1 Enter the grous proceeds from sale or axchanges reported to you for 2000 on Form10008 1000 for subhe statement that you are including on ine? 10 or 20 See instructions Part 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(se instructions Derecho Coro 2 Desen me Decured Date word 10 Gain wo Submerom the de wowe 3 4 5 6 7 3 Gandany, from Form4684, line 39 4 Section 1231 gan from timent sales from fom 6252, line 26 or 37 Section 1231 gan ar dorom liekind exchanges from Form24 6 Gan, if any, from line 32, from other city of the 7 Combine Ines through. Enter the gain or oss here and on the appropriate tine as follows Partnerships and corporation. Report the canor Gootolowing the tractions tor Form 108, Schedule line 10, or Form 1120-8. Schedule Kine 9. Skipines # 11. and t2 below Individuals, partners, corporation shareholders, and all others. Yine iscrete the mount from tre 7 on line 11 below and ship in and in and you didn't have any prioryction 1931 losses, or they were recaptured in an earler year, enter the gain from time 7 as a congtem capital gain on the Schedule Died with your return and spines 8,6. 11 and 12 below. # Nonrecaptured net section 1291 strom prior years. So instructions Subtract line from line 7. 2010 or less enteroline is 200, enter the gain from ine Ton in 12. line 9 more than 20, enter the amount from lines on ine 12 below and enter the gain from Ine as a long term capital gain on the schedule filed with your return Sections Part II Ordinary Gains and Losses (see instructions 10 Ordrary one and loses not included on line 11 through 16 include property held tyror 11 12 13 14 15 16 17 11 Loss, if any, from ine 7 12 Ganary, from line 7 or amount troine if applicable 13 Ganary, from line 31 14 Net gain or foun) from Form 1684. Iines 31 and 38 15 Ordinary gan trom italienske from Form 52. ine 253 16 Ordinary gan ordo from the kind exchanges from Form 17 Combine in 10 through 16 18 For at except individual retums, enter the amount from time 17 on the propriate tre of your tumand skip the and below. For individu retums, completeness and below. at the loss on tino 11 includes a lose from Form 4654 ine 35, cu enter that part of these termelon from income producing property on Schede A Form 1040, ine 16. Do not include any son property as an employee) ilyas from Form 4707. 18. Se intruction Pedetermine the gain or towa) on 17 excluding the town any on Ineta. Erre and on Schedule Form 1000 Partl. line 6 For Paperwork Reduction Act Notice, separate instructions Form 4797 Page 2 For 4797 2020 Part III Gain From Disposition of Property Under Sections 1245, 1250, 1252, 1254, and 1255 (see instructions) 19 al Description of section 1245, 1250, 1252. 1254. or 1255 property Date acquired a day, y ) e) Dane od me day, y A B D Property A Property B Property C Property D These columns relate to the properties on lines 19Athrough 190. 20 Gross sales price (Note: See line before completing) 20 21 Cost or other basis plus expense of sale 21 22 Depreciation for depletion allowed or allowable. 22 23 Adjusted basis Subtract line 22 from line 21 23 26d 24 Total gain. Subtract line 23 from line 20 24 25 I section 1245 property a Depreciation allowed or allowable from line 22 25a b Enter the smaller of line 24 or 250 25b 26 section 1250 property straight line depreciation was used enter -- onine 269, except for a corporation subject to section 291 a Additional depreciation after 1975. See Instructions 26a b Applicable percentage multiplied by the smaller of fine 24 or line 260. See Instruction 25b Subtractine 26a from Ine 24. If residential rental property or line 24 isn't more than line 26a, skipines 26 and 26e 260 d Additional depreciation after 1960 and before 1976. . Enter the smaller of ine 260 or 26d 26e | Section 201 amount corporations only) 261 9 Add lines 260, 260, and 261 269 27 If section 1252 property: Skip this section if you didn't dispose of farmland or if this form is being completed for a partnership a Sol, water, and and clearing expenses 27a bLine 27a multipled by applicable percentage. See Instructions 27b Enter the smaller of line 24 or 27b 270 28 If section 1254 property a Intangible drilling and development costs, expenditures for development of mines and other natural deposits. mining exploration costs, and depletion. See instructions 28a b Enter the smaller of ine 24 or 282 28 29 I section 1258 property Applicable percentage of payments excluded from Income under section 126. See Instructions 29a b Enter the smaller of line 24 or 29a. See instructions 29 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 line 24 31 Add property columns A through D, Ines 25b, 269, 270, 28, and 290. Enter here and on Ine 13 31 32 Subtract line 31 from line 30. Enter the portion from casualty or theft on Form 4684. Ine 33. Enter the portion from other than casualty or theft on Form 4797, line 6 Part IV Recapture Amounts Under Sections 179 and 280F(b)(2) When Business Use Drops to 50% or Less (see instructions) al Section (b) Section 179 280F(b)(2) 33 Section 179 expense deduction or depreciation allowable in prior years. 34 Recomputed depreciation. See Instructions 34 35 Recapture amount. Subtract line 34 from line 33. See the instructions for where to report Form 4797 000 30 32 33 35