Required information [The following information applies to the questions displayed below) Moab Inc manufactures and distributes high-tech biking gadgets. It has decided to streamline some of its operations so that it will be able to be more productive and efficient Because of this decision it has entered into several transactions during the year. (Do not round intermediate computations.) a Moab Inc sold a machine that it used to make computerized gadgets for $27,300 cash. It originally bought the machine for $19,200 three years ago and has taken $8,000 in depreciation b. Moab Inc held stock in ABC Corp. which had a value of $12,000 at the beginning of the year. That same stock had a value of $15,230 at the end of the year. c. Moab Inc. sold some of its inventory for $7,000 cash. This inventory had a basis of $5,000 d. Moab Inc. disposed of an office building with a fair market value of $75,000 for another office building with a fair market value of $55,000 and $20,000 in cash. It originally bought the office building seven years ago for $62,000 and has taken $15,000 in depreciation e Moab Inc sold some land held for investment for $28,000. It originally bought the land for $32,000 two years ago f. Moab Inc sold another machine for a note payable in four annual installments of $12,000. The first payment was received in the current year. It originally bought the machine two years ago for $32,000 and has claimed $9,000 in depreciation expense against the machine, g. Moab Inc sold stock it held for eight years for $2,750. It originally purchased the stock for $2,100 h. Moab Inc sold another machine for $7,300. It originally purchased this machine six months ago for $9,000 and has claimed $830 in depreciation expense against the asset 3. Complete Moab Inc.'s Form 4797 for the year (Input all the values os positive numbers. Use 2020 tax rules regardless of year on tox form.) 4797 Page 1 4797 Page 2 OM 1545-0184 Form 4797 Sales of Business Property (Also involuntary Conversions and Recapture Amounts Under Sections 179 and 280F(b)(2)) Attach to your return o lo www.is govom? Instructors and the formation 2019 Department of the Treasury emal Revenue Sec Alacant Sequence No 27 as shown on me Identifying number ter s XXX) Enter the gross proceeds from sales reches reported to you for 2016 on Forms 10.00 tortement that you are including on 2. 10. 20 ctions Part 1 Sales or Exchanges of Property Used in a Trade or Business and involuntary Conversions From Other Than Casualty or The Most Property Held More Than 1 Year(see Instructions) Depec a) Desentino c) Dodoma Clothes by Date and me Groenewed of watepus provenient and property Oy tay Since acquisition como Subtiat in bom the Sum of Required information Part 1 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) Desorboot haquired como c) Depreciation Color Other property day.) das prioriw plus improvements and da ye) sce acquisition ense of a Gans Subad from the Sum of id) and 3 Ganay from me 39 4 Section 1231 antromments from 252 253 5 Section 1231 gain of some and exchanges from For 24 6 Gain nomine from other than casually theft Combinines 26 Enfeite genere and online as Partnerships and then following the instruction form Schedule Kine 10. oForm 1120-5 Schedule Klee 3. Skins 11 d 12 below Individuas partners Corporation Shareholders and all others. TheTis zero a los entes the amount homine me It below skipshes and you dont have any prior y se on 1231 Wort were recaptured enterte gain coming from capta on the schedule Nedir your son 1 and 12 below Nonrecaptured net section 1251 tom prior years web Subtract line from interesentar the gate ine Tone 12 below is that the amoroinen 12 below and the game captain on the scheduled Required information instrucions Part II Ordinary Gains and Losses (see instructions) 10 Ordinary gans and losses not included on Ines 11 Choogh 16 include property field 1 year or less (Enter as negative 11 12 13 14 15 16 11 Lossary from line 7 12 Gain, fany, from line 7 or amount om line, if applicable 13 Gain any from line 1 14 Net gain or dous) from Form 4504 Ines 31 and 38 15 Ordinary gain from instalimentales from Fom6252. ine 253 16 Ordinary gainon) from ind exchanges from Form 3824 17 Combinelis 10 through 16 16 For an except individuales, enter the amount from the 17 on the appropriate of your return and skipines and below for individual olums completes and below the lows online includes a loss from Fomine 3 columbart of the forefer them income producing property on schedule A Form 1040 or Form 100 me 16 Oo not include any loss on city sed as an employees from Tom 4707ine 1 Sections 17 Form 4797 (2016) Rotermine the moon in the loss any line 1x Enter here and on Schee 1 (Form 1040 Form 1040-5RX Pallet 13 For Paperwork Reduction Act Nobce se instruction CN15000 THIS FORM IS A SIMULATION OF AN OFFICIAL STAX FORM IS NOT THE OFFICIAL FORMIT SELI DO NOT USE THE FORM FOR TAX FUNGSOR FOR ANY PURPOSE OTHER THAN EDUCATIONAL 2020 McGraw Hill Education Form 4797 (2019) Page 2 Part III Gain From Disposition of Property Under Sections 1245, 1250, 1252, 1254, and 1255 (see instructions) 19 (a) Description of section 1245, 1250, 1252, 1254, or 1255 property (b) Date acquired (c) Date sold ( ) ) B D These columns relate to the properties on lines 19A through 190 Property A Property B Property C Property D 20 21 22 23 24 20 Gross sales price (Note See line 1 before completing) 21 Cost or other basis plus expense of sale 22 Depreciation (or depletion) allowed or allowable 23 Adjusted basis. Subtract line 22 from line 21 24 Total gain Subtract line 23 from line 20 25 if section 1245 property a Depreciation allowed or allowable from line 22 Enter the smaller of ime 24 of 25a 26 If section 1250 property If straight line depreciation was used enter -- on line 269, except for a corporation subject to section 291 a Additional depreciation after 1975 see instructions b Applicable percentage multiplied by the smaller of line 24 or line 26a See instructions c Subtract line 26a from line 24 If residential rental property or line 24 isn't more than line 26a sko lines 26 and 26e d Additional depreciation after 1969 and before 1976 25a 25 26a 26b 260 250 Prey 1 of 1 Next Required information Enter the smaller of me 24 of 25 250 26 # section 1250 property of straight line depreciation was used enter.O on line 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 line 24 or line 26a. See instructions 265 c Subtract line 26a from line 24. If residential rental property or line 24 isn't more than line 26a, skip lines 26 and 26e 26c d Additional depreciation after 1969 and before 1976 260 e Enter the smaller of line 26c or 26d 260 1 Section 291 amount (corporations only) 261 9 Add lines 265, 26, and 261 269 27 If nection 1252 property Skip this section if you didn't dispose of farmland or if this form is being completed for a partnership a Soil water and land cheating expenses 27 Line 27a multiplied by applicable percentage See instructions 276 Enter the smaller of line 24 or 27b 270 28 If section 1254 property Intangible dilling and development costs, expenditures for development of mines and other natural deposits mining exploration costs and depletion See instructions 28a Enter the smaller of line 24 of 268 280 29 if section 1255 property a Applicable percentage of payments excluded from income under section 126 See Instructions 29 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 Required information 30 b Enter the smaller of line 24 or 29a. See instructions 296 Summary of Part III Gains. Complete property columns Athrough 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 lines 250, 269, 270, 236, and 29b Entet here and on line 13 31 32 Subtract line 31 from line 30. Enter the portion from casually or theft on Form 4684, line 33. Enter the portion from other than casually or theft on Form 4797, line 6 32 Part IV Recapture Amounts Under Sections 179 and 280F(b)(2) When Business Use Drops to 50% or Less (see instructions) (b) Section (a) 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 UYA Form 4797 (2019) THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL, 2020 McGraw-Hill Education.