Problem 8-18 Calculation of Gain or Loss, Section 1231 Gains and Losses (LO 8.7, 8.8) Nadia Shalom has the following transactions during the year: - Sale of land on April 19 for $121,000. The land cost $128,000 when purchased on February 1,2011 . Nadia's selling costs are $4,700. - Assume there were no capital improvements on either business asset sold. Nadia's Social Security number is 924-56-5783. Complete Form 4797 to report the above gains or losses. Enter all amounts as positive numbers unless there is a "loss". If required, enter a "loss" as a negative number on the tax form. If an amount is zero, enter "0". 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 a and b below. a If the loss on line 11 includes a loss from Form 4684, line 35, column (b)(ii), enter that part of the loss her Enter the loss from income-producing property on Schedule A (Form 1040), line 16. (Do not include any los on property used as an employee.) Identify as from "Form 4797, line 18a." See instructions . . . . . . . . b Redetermine the gain or (loss) on line 17 excluding the loss, if any, on line 18a. Enter here and on Schedul 1 (Form 1040), Part I, line 4 For Paperwork Reduction Act Notice, see separate instructions. Cat. No. 13086 Form 4797 (2022) Part II Ordinary Gains and Losses (see instructions) 10 Ordinary gains and losses not included on lines 11 through 16 (include property held 1 year or less): Summary of Part III Gains. Complete property columns A through D through line 29b before going to line 30 . 30 Total gains for all properties. Add property columns A through D,line24 31 Add property columns A through D, lines 25b, 26g, 27c, 28b, and 29b. Enter here and on line 13. . . . . 32 Subtract line 31 from line 30. Enter the portion from casualty or theft on Form 4684, line 33. Enter the portion from Part IV Recapture Amounts Under Sections 179 and 280F(b)(2) When Business Use Drops to 50\% or Less (see instructions) 33 Section 179 expense deduction or depreciation allowable in prior years. . . . . . . . . 34 Recomputed depreciation. See instructions 35 Recapture amount. Subtract line 34 from line 33. See the instructions for where to report . . . . \begin{tabular}{|c|c|c} & \begin{tabular}{c} (a) Section \\ 179 \end{tabular} & \begin{tabular}{c} (b) Section \\ 280F(b)(2) \end{tabular} \\ \hline 33 & & \\ \hline 34 & & \\ \hline 35 & & \\ \hline \end{tabular} Form 4797 (2022) Problem 8-18 Calculation of Gain or Loss, Section 1231 Gains and Losses (LO 8.7, 8.8) Nadia Shalom has the following transactions during the year: - Sale of land on April 19 for $121,000. The land cost $128,000 when purchased on February 1,2011 . Nadia's selling costs are $4,700. - Assume there were no capital improvements on either business asset sold. Nadia's Social Security number is 924-56-5783. Complete Form 4797 to report the above gains or losses. Enter all amounts as positive numbers unless there is a "loss". If required, enter a "loss" as a negative number on the tax form. If an amount is zero, enter "0". 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 a and b below. a If the loss on line 11 includes a loss from Form 4684, line 35, column (b)(ii), enter that part of the loss her Enter the loss from income-producing property on Schedule A (Form 1040), line 16. (Do not include any los on property used as an employee.) Identify as from "Form 4797, line 18a." See instructions . . . . . . . . b Redetermine the gain or (loss) on line 17 excluding the loss, if any, on line 18a. Enter here and on Schedul 1 (Form 1040), Part I, line 4 For Paperwork Reduction Act Notice, see separate instructions. Cat. No. 13086 Form 4797 (2022) Part II Ordinary Gains and Losses (see instructions) 10 Ordinary gains and losses not included on lines 11 through 16 (include property held 1 year or less): Summary of Part III Gains. Complete property columns A through D through line 29b before going to line 30 . 30 Total gains for all properties. Add property columns A through D,line24 31 Add property columns A through D, lines 25b, 26g, 27c, 28b, and 29b. Enter here and on line 13. . . . . 32 Subtract line 31 from line 30. Enter the portion from casualty or theft on Form 4684, line 33. Enter the portion from Part IV Recapture Amounts Under Sections 179 and 280F(b)(2) When Business Use Drops to 50\% or Less (see instructions) 33 Section 179 expense deduction or depreciation allowable in prior years. . . . . . . . . 34 Recomputed depreciation. See instructions 35 Recapture amount. Subtract line 34 from line 33. See the instructions for where to report . . . . \begin{tabular}{|c|c|c} & \begin{tabular}{c} (a) Section \\ 179 \end{tabular} & \begin{tabular}{c} (b) Section \\ 280F(b)(2) \end{tabular} \\ \hline 33 & & \\ \hline 34 & & \\ \hline 35 & & \\ \hline \end{tabular} Form 4797 (2022)