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Ohio Free Printable FT 1120VL_Final_2007_FI_081310.indd for 2020 Ohio Valuation Limitation on Gains and Losses From Sales or Exchanges of Capital Assets on I.R.C. Section 1231 Assets

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Valuation Limitation on Gains and Losses From Sales or Exchanges of Capital Assets on I.R.C. Section 1231 Assets
FT 1120VL_Final_2007_FI_081310.indd

ohio I Department of Taxation FT 1120VL Rev. 10/06 Reset Form Attach this form to the Ohio Corporation Franchise Tax Report, Ohio form FT 1120. Valuation Limitation on Gains and Losses From Sales or Exchanges of Capital Assets or IRC Section 1231 Assets See Ohio Revised Code Section (R.C.) 5733.04(I)(3) For calendar year , or other taxable year beginning , and ending The beginning of the taxpayer’s first franchise tax accounting period, which ended after Dec. 20, 1971 was , . , Ohio franchise tax ID number: Corporation name: . Tax Year: A B C D E F G Kind of Property Date Acquired Date Sold Fraction (if necessary, attach description) (month, day, year) (month, day, year) Gain or Loss Valuation Limitation *Allocable Gain or Loss *Apportionable Gain or Loss Column E less Column F Column E less Column F OR H 1. Short-term capital gains and losses (list below) 2. Unused capital loss carryover (attach computation)......................................................................................... 3. Net short-term capital gain (or loss) ................................................................................................................. 4. Long-term capital gains and losses (list below) Net long-term capital gain (or loss) ...................................................................................................................... 5. Gains and losses from the sale or exchange of property used in a trade or business (list below) Amounts from reverse side 6. Total valuation limitation. If GAIN, enter here and on Ohio form FT 1120, Schedule B, line 2(b). If LOSS, enter here and on Ohio form FT 1120, Schedule B, line 1(a) ................................................................................................................................ 7. Total allocable gain or loss. Enter here and on Ohio form FT 1120, Schedule C, line 2, column 2. Enter Ohio .................................................................................................................................................. portion linefrom 4, column 1 depreciable tangible personal property and real property taxed as *Gains andon losses the sales of ordinary (recapture) income or loss for federal income tax purposes are considered capital gains and capital losses for franchise tax purposes. See Borden, Inc. v Limbach (1990), 49 Ohio St 3d 240. Caution: For taxable years ending in on or after June 26, 2003, R.C. 5733.051 distinguishes business income from nonbusiness income. Only nonbusiness gains and losses are allocable. Gains and losses from sales of depreciable tangible personal property and gains and losses from sales of real property are generally apportionable business income. Corporation name FEIN FT 1120VL Rev. 10/06 Page 2 Tax Year Instructions In accordance with Ohio Revised Code section (R.C.) 5733.04(I)(3) valuation limitation is the loss or gain resulting from the sale, exchange or other disposition of a capital asset or a section 1231 asset to the extent that such loss or gain occurred prior to the first taxable year on which the franchise tax is computed on the corporation’s net income. The beginning of the first taxable year on which the franchise tax is computed on the corporation’s net income is the beginning of the taxpayer’s first franchise tax accounting period which ended after Dec. 20, 1971 (the date of enactment of the net income basis of the franchise tax). See Clyde Williams Enterprises, Inc. and Subsidiaries v Limbach, BTA Case No. 85-D-132, May 19, 1986. Ohio Revised Code Section 5733.04(I)(3) Add any loss or deduct any gain resulting from the sale, exchange or other disposition of a capital asset or an asset described in Internal Revenue Code section 1231, to the extent that such loss or gain occurred prior to the first taxable year on which the tax provided for in R.C. 5733.06 is computed on the corporation’s net income. For purposes of division (I)(3) of this section, the amount of the prior loss or gain shall be measured by the difference between the original cost or other basis of the asset and the fair market value as of the beginning of the first taxable year on which the tax provided for in R.C. 5733.06 is computed on the corporation’s net income. At the option of the taxpayer, the amount of the prior loss or gain may be a percentage of the gain or loss, which percentage shall be determined by multiplying the gain or loss by a fraction, the numerator of which is the number of months from the acquisition of the asset to the beginning of the first taxable year on which the fee provided in R.C. 5733.06 is computed on the corporation’s net income, and the denominator of which is the number of months from the acquisition of the asset to the sale, exchange or other disposition of the asset. The adjustments described in this division do not apply to any gain or loss where the gain or loss is recognized by a qualifying taxpayer, as defined in R.C. 5733.0510, with respect to a qualifying taxable event, as defined in that section. Gains and Losses from the Sale or Exchange of Property used in a Trade or Business (continued) Total A B C D E F Kind of Property Date Acquired Date Sold Fraction (if necessary, attach description) (month, day, year) (month, day, year) Gain or Loss Valuation Limitation G OR H *Allocable *Apportionable Gain or Loss Gain or Loss Column E less Column F Column E less Column F
Extracted from PDF file 2019-ohio-form-ft-1120vl.pdf, last modified August 2010

More about the Ohio Form FT 1120VL Corporate Income Tax TY 2019

We last updated the Valuation Limitation on Gains and Losses From Sales or Exchanges of Capital Assets on I.R.C. Section 1231 Assets in March 2020, so this is the latest version of Form FT 1120VL, fully updated for tax year 2019. You can download or print current or past-year PDFs of Form FT 1120VL directly from TaxFormFinder. You can print other Ohio tax forms here.

Other Ohio Corporate Income Tax Forms:

TaxFormFinder has an additional 82 Ohio income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form IT 1041 Fiduciary Income Tax Return
Form D 5 Notification of Dissolution or Surrender
IT 4708 UPC Payment Coupon for Pass-Through Entity/Fiduciary Income Tax
Form IT 1140P Ohio Withholding Tax Payment Coupon for Pass-Through Entities and Trusts
Form IT 10 Ohio Income Tax Information Notice

Download all OH tax forms View all 83 Ohio Income Tax Forms


Form Sources:

Ohio usually releases forms for the current tax year between January and April. We last updated Ohio Form FT 1120VL from the Department of Taxation in March 2020.

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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 Ohio Form FT 1120VL

We have a total of seven past-year versions of Form FT 1120VL in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2019 Form FT 1120VL

FT 1120VL_Final_2007_FI_081310.indd

2018 Form FT 1120VL

FT 1120VL_Final_2007_FI_081310.indd

2017 Form FT 1120VL

FT 1120VL_Final_2007_FI_081310.indd

2016 Form FT 1120VL

FT 1120VL_Final_2007_FI_081310.indd

2015 Form FT 1120VL

FT 1120VL_Final_2007_FI_081310.indd

Valuation Limitation on Gains and Losses From Sales or Exchanges of Capital Assets on I.R.C. Section 1231 Assets 2014 Form FT 1120VL

FT 1120VL_Final_2007_FI_081310.indd

2012 Form FT 1120VL

FT 1120VL_Final_2007_FI_081310.indd


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