Screen NECG - Nebraska Special Capital Gains Election (1040)

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Overview

Use this screen to complete Form 4797N. If the information transferred from UltraTax/1040 does not require additional data or coding, UltraTax/1040-NE shows it on the form only, not in the input screen.

General Information

Use this section to complete information when a special capital gains election is made for any filer.
Employee name
Enter the name of the employee who originally acquired the stock for which the special capital gains election is being made (if not taxpayer or spouse).
Has the employee (or other individual) made a previous special capital gains election
Enter
1
if a previous capital gains election was made for this stock. Enter
2
if this election is the first for this stock.
If yes, enter the year election was made
If the taxpayer made a previous special capital gains election for this stock and
1
was entered in the
Has the employee (or other individual) made a previous special capital gains election
field, enter the year in which the previous election was made.

First Time Election

Use this section to enter the information for a first-time capital gains election.

Non-Employee and Stock Qualification

Use this section to enter the information necessary to complete part II and part III if required.

Exclusions Information

Use this section to enter other information necessary to file the income exclusion.

Exclusions Computation

Use this section to enter amounts for the exclusion once an election has been made.
Capital gain exclusion not taken in prior year
Use this field to enter the carryforward amount of the taxpayer’s capital gain exclusion not able to be taken in prior years. The capital gain exclusion deferral calculated in the prior year on Form 4797N, Nebraska Special Capital Gains Election and Computation, proformas to this field in the current year.
Fair market value for stock on declaration date
Enter the information necessary to calculate the exclusion for extraordinary dividends.

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