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Michigan Free Printable 2018 Michigan Adjustments of Gains and Losses From Sales of Business Property MI-4797 for 2019 Michigan Michigan Adjustments of Gains and Losses From Sales of Business Property

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Michigan Adjustments of Gains and Losses From Sales of Business Property
2018 Michigan Adjustments of Gains and Losses From Sales of Business Property MI-4797

Reset Form Michigan Department of Treasury (Rev. 09-18), Page 1 of 2 2018 MICHIGAN Adjustments of Gains and Losses From Sales of Business Property MI-4797 Issued under authority of Public Act 281 of 1967, as amended. Type or print in blue or black ink. Report all amounts in whole dollars. Attachment 16 Reported on U.S. Form 4797. To be filed with Form MI-1040 or MI-1041, see instructions. Filer’s Name Shown on Tax Return Identifying Number PART 1: Sales or Exchanges of Property Used in Trade or Business and Involuntary Conversion From Other Than Casualty or Theft - Property Held More Than One Year. 1. Enter the gross proceeds from the sale or exchange of real estate reported to you as reported on U.S. Form 4797 2. A Description of Property 3. 4. 5. 6. 7. 8. 9. B C D E Date acquired (MM-DD-YYYY) Date sold (MM-DD-YYYY) Federal Gain (Loss) from column g of U.S. Form 4797 Gain (Loss) from column D subject to Michigan Income Tax Gain, if any, from U.S. Form 4684, line 39 ........................................................... 3. Section 1231 gain from installment sales from U.S. Form 6252, line 26 or 37...... 4. Section 1231 gain or (loss) from like-kind exchanges from U.S. Form 8824 ....... 5. Gain, if any, from Part 3, line 26, from other than casualty or theft ...................... 6. Add lines 2 through 6 in columns D and E ........................................................... 7. If line 7, column D or E, is zero or a loss, enter amount on line 11 below and skip lines 8 and 9. • • If line 7, column D or E, is a gain, and you had no section 1231 losses from prior years, enter amount as a long-term capital gain on MI-1040D or MI-1041D and skip lines 8, 9, 11 and 12 below. Non-recaptured net section 1231 losses from prior years (enter as a positive) 8. Subtract line 8, column D from line 7, column D, and subtract line 8, column E, from line 7, column E. If less than zero, enter “0” ................................ If line 9 is zero, carry amount(s) from line 7 to line 12. • • 9. If line 9 is greater than zero, enter amount from line 8 on line 12 below, and enter amount from line 9 as a long-term capital gain on MI-1040D, line 7 or MI-1041D, line 10. PART 2: Ordinary Gains and Losses 10. Ordinary gains and losses not included on lines 11 through 17 (include property held 1 year or less). 11. 12. 13. 14. 15. 16. Loss, if any, from line 7, column D or E ................................................................ Gain, if any, from line 7, column D or E, or amount from line 8 ............................ Gain, if any, from Part 3, line 25 ........................................................................... Net gain or (loss) from U.S. Form 4684, lines 31 and 38a ................................... Ordinary gain from installment sales from U.S. Form 6252, lines 25 or 36 .......... Ordinary gain or (loss) from like-kind exchanges from U.S. Form 8824............... 11. 12. 13. 14. 15. 16. 17. Recapture of section 179 expense deduction for partners and S-corporation shareholders from property dispositions ........................................ 17. 18. Add lines 10 through 17 in columns D and E ....................................................... 18. 18a. For all except individual returns: (1) Enter gain or (loss) from line 18 on return being filed (see instructions) ... 18a(1). 18b. For individual returns: (1) If the loss on line 11 includes a loss from U.S. Form 4684, line 35, column (b) (ii), enter that part of the loss here .............................. 18b(1). (2) Redetermine the gain or (loss) on line 18, excluding the loss (if any) on line 18b(1). Enter here ................................................. 18b(2). NOTE: If the federal amount is a gain, enter on Schedule 1, line 12. If a loss, enter as a positive on Schedule 1, line 5. If the Michigan amount is a gain, enter on Schedule 1, line 3. If a loss, enter on Schedule 1, line 22. If nonresident or part-year resident, carry amount on 18b(2) to Schedule NR, line 8 (see Schedule NR instructions). + 0000 2018 69 01 27 9 Continue on page 2. This form cannot be processed if page 2 is not completed and included. 2018 MI-4797, Page 2 of 2 Identifying Number PART 3: Gain From Disposition of Property Under Sections 1245, 1250, 1252, 1254 and 1255 19. Description of Sections 1245, 1250, 1252, 1254 and 1255 property Date acquired (MM-DD-YYYY) Date sold (MM-DD-YYYY) % Subject to Michigan Tax Divide number of months after 10-1-67 by total number of months (A) (B) (C) (D) Relate lines 19(A) through 19(D) to these columns: Property (A) Property (B) Property (C) Property (D) TOTAL 20. Enter amounts from U.S. Form 4797, line 24 .................................. 21. Enter portion of gain subject to Michigan tax. (Multiply gain on line 20 by percentage computed on line 19.) ........ 22. Enter from U.S. Form 4797 the total of lines 25(b), 26(g), 27(c), 28(b) and 29(b) in columns A through D .......................................... 23. Enter portion of gain subject to Michigan tax. (Multiply gain on line 22 by percentage computed on line 19.) ........ F Federal G Michigan 24. Enter in column F the total from line 20; enter in column G the total from line 21. ........... 25. Enter in column F the total from line 22 and carry to line 13, column D. Enter in column G the total from line 23 and carry to line 13, column E........................... 26. Subtract line 25 from line 24. Enter portion in columns F and G from other than casualty or theft on Part 1, line 6, columns D and E................................................. Instructions for Form MI-4797 NOTE: Only use this form to adjust your Michigan taxable income if you have capital gains or losses attributable to one of the following: • Gains or losses from the sale of certain types of properties located in other states and/or subject to the allocation and apportionment provisions; or • Periods before October 1, 1967 (Section 271 adjustment). If you file U.S. Schedule D or Form 4797 and you elect to adjust under Section 271 of the Michigan Income Tax Act, you must file the equivalent Michigan forms (MI-1040D or MI-4797). You must include all items of gain or loss realized during the tax year. Do not adjust on this form any gains or losses included in the business income subject to apportionment on MI-1040H or Form MI-461. Gains or losses included on these forms are accounted for on Schedule 1, line 4 or line 13. Nonresidents and part-year residents, see instructions for Schedule NR, line 8. Section 271. To apportion under Section 271, multiply the gain or loss in column D by the number of months the property was held after September 30, 1967. Divide the result by the total number of months held. Enter the result in column E. For the purpose of this computation, the first month is excluded if acquisition took place after the 15th, and the last month is excluded if disposal took place on or before the 15th. Gains from installment sales made before October 1, 1967, must show federal gain in column D and zero in column E. Gains from installment sales made after October 1, 1967, are subject to Michigan tax but may be apportioned under Section 271. Identification: For individual income tax filers, enter the filer’s name and full nine-digit Social Security number at the top of the form. For fiduciary filers, enter the name of the estate or trust and full Federal Employer Identification Number (FEIN). + 0000 2018 69 02 27 7 Line 2: Enter in columns A, B, C, and D the corresponding information from your U.S. Form 4797. For column E, enter the gain or loss subject to Michigan income tax. Line 3: Enter in column D any gain from U.S. Form 4684, line 39. In column E enter the gain subject to Michigan income tax. If the gain was realized from more than one casualty or theft and some or all of the property was acquired prior to October 1, 1967, include a copy of U.S. Form 4684 and a schedule showing the computation of gain subject with Michigan income tax. Line 6: Enter in column D the gain from column F, line 26. Enter in column E the gain from column G, line 26. Line 10: Enter other ordinary gains and losses from your U.S. Form 4797. Enter federal gain or loss in column D. Enter portion of gain or loss subject to Michigan income tax in column E. Line 13: Enter in column D the amount from line 25, column F. Enter in column E the amount from line 25, column G. Line 14: Enter gain or loss from U.S. Form 4684, lines 31 and 38a. If the gain or loss was from more than one casualty or theft, include a copy of U.S. Form 4684 and a schedule showing the computation of gain or loss subject with Michigan income tax. Line 18a(1): Enter the federal and Michigan gain or loss on the MI-1041, Schedule 1 or MI-1041 Schedule NR as applicable. Line 20: Enter the total gain for each property from U.S. Form 4797, line 24 and enter the total gain for all properties in the total column. Include your MI-4797 with your MI-1040 or MI-1041. Also include a copy of your U.S. Form 4797 with your return.
Extracted from PDF file 2018-michigan-form-mi-4797.pdf, last modified November 2012

More about the Michigan Form MI-4797 Corporate Income Tax TY 2018

We last updated the Michigan Adjustments of Gains and Losses From Sales of Business Property in March 2019, so this is the latest version of Form MI-4797, fully updated for tax year 2018. You can download or print current or past-year PDFs of Form MI-4797 directly from TaxFormFinder. You can print other Michigan tax forms here.

Other Michigan Corporate Income Tax Forms:

TaxFormFinder has an additional 97 Michigan income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form MI W-4P Withholding Certificate for Michigan Pension or Annuity Payments
Form 4884 Pension Schedule
Form 4884 Worksheet Form 4884 Section D Worksheet
Form 4891 CIT Annual Return
Form 4642 Voluntary Contributions Schedule

Download all MI tax forms View all 98 Michigan Income Tax Forms


Form Sources:

Michigan usually releases forms for the current tax year between January and April. We last updated Michigan Form MI-4797 from the Department of Treasury in March 2019.

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About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of Michigan Form MI-4797

We have a total of seven past-year versions of Form MI-4797 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2018 Form MI-4797

2018 Michigan Adjustments of Gains and Losses From Sales of Business Property MI-4797

2017 Form MI-4797

2017 Michigan Adjustments of Gains and Losses From Sales of Business Property MI-4797

2016 Form MI-4797

2016 Michigan Adjustments of Gains and Losses From Sales of Business Property MI-4797

2015 Form MI-4797

2015 Michigan Adjustments of Gains and Losses From Sales of Business Property MI-4797

2014 Michigan Adjustments of Gains and Losses From Sales of Business Property MI-4797 2014 Form MI-4797

2014 Michigan Adjustments of Gains and Losses From Sales of Business Property MI-4797

MI-4797, 2013 Michigan Adjustments of Gains and Losses From Sales of Business Property 2013 Form MI-4797

MI-4797, 2013 Michigan Adjustments of Gains and Losses From Sales of Business Property

MI-4797, Michigan Adjustments of Gains and Losses From Sales of Business Property 2012 Form MI-4797

MI-4797, Michigan Adjustments of Gains and Losses From Sales of Business Property


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