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Screen IA100-2 - Iowa Capital Gain Deduction and Material Participation (1040)
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Overview
Use this screen to complete Parts I, II, III, IV, and V of the IA 100C, 100E, 100G, 100H Capital Gain Deduction.
Sale of Business or Real Property
Complete this section if the capital gains deduction results from the sale of a business (100E) or the sale of real property used in a non-farm business (100C). A sale of a business requires the additional information section to be completed for Part I.
Business name
Include all legal and trade names for the business. If the business was a sole proprietorship with no separate legal name, enter the taxpayer’s name.
Real property address or legal description
Enter the location address of the business. A post office box is not an acceptable location address.
Description of all business property sold
Describe the business assets sold. If all assets were sold, enter ’Entire business.’
Capital gain due to sale of capital stock or an ownership interest
Check the box to indicate whether the taxpayer received the capital gain from the sale of capital stock or an ownership interest in the business. If this box is marked, complete Part I, line 6 to explain how the capital gain qualifies for an Iowa capital gain deduction. Most of these types of sales do not qualify for an Iowa capital gains deduction regardless of how the business is organized.
Sale treated as a sale for federal income tax purposes
If the
Capital gain due to sale of capital stock or an ownership interest
checkbox is marked, mark this checkbox if the sale of the stock or ownership interest was treated as a sale or acquisition of assets for federal income tax purposes. If you mark this checkbox, Part III: Material Participation in a Business must also be completed. If this checkbox is left blank and line 5 of Part I is Yes, then the sale is not eligible for the Iowa capital gains deduction.Employer Securities Sale to Qualified ESOP
Complete Part II of the IA 100F for sales of employer securities to a qualified Iowa ESOP.
Timber Sales
Complete Part II of the IA 100D for sales of timber.
Material Participation
This section must be completed for IA 100C, 100E, 100G, and 100H sales. The taxpayer must satisfy at least one of the seven tests for material participation for each of the ten years prior to the sale; however, the taxpayer may instead satisfy test 6 for at least three years. More than one test may be claimed for each year. If test 4 or test 7 is marked, a statement of explanation must be included. Refer to the instructions for IA 100C, 100E, 100G, and 100H for more information about the tests for material participation in a business.
Sale to a lineal descendent and reported in Part II
For the sale of a business (100E) to a lineal descendent, none of the tests need to be marked.
Detail of the business use of the property
A date entered here is only used for the 100C, detail of the business use of the property.