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Screen D - Capital Gains and Losses (1065)
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Capital Gains and Losses
Use this section to enter capital gain and loss information for Form 8949 and Schedule D.
note
Use the
Record of stock purchases
field in the Info Screen in the General folder to record any stock purchases. Later, when the stock is sold, you can enter the Date Sold and the Sales Proceeds in the statement for the Record of stock purchases
field, and the application automatically transfers the information from the Info Screen to the Detail schedule
field on this screen.Detail schedule
The following describes some of the columns in the attached statement.
- Form 8949 Type:Enter1for transactions reported on Form 1099-B with an amount shown for cost or other basis and that require an adjustment to gain (loss),2for transactions reported on Form 1099-B without an amount shown for cost or other basis,3for transactions for which you did not receive a Form 1099-B, or4for transactions reported on Form 1099-B with an amount shown for cost or other basis that do not require an adjustment to gain (loss). If you leave this column blank, the application defaults the transaction to the type selected in the Return Presentation tab in the Other Return Options dialog. To open this dialog, choose Setup and then 1065 Partnership, and select the Other Return Options button. The application prints a separate Form 8949 for each type of transaction.
- 1099B Errors:Identify transactions that received a Form 1099-B with an incorrect box 3 cost or other basis and/or box 1c type of gain or loss (short-term or long-term).
- Enter1if the basis reported on Form 1099-B, box 3 is incorrect. The application prints code "B" on Form 8949, column (f), Code(s) from instructions. Enter the basis as reported on Form 1099-B in the Cost or Basis column, and enter the difference between the correct basis and the basis reported to the IRS in the Adj to Gain (Loss) column.
- Enter2if the type of gain or loss (short-term or long-term) reported on Form 1099-B, box 1c is incorrect. The application prints code "T" on Form 8949, column (f), Code(s) from instructions.
- Enter3if the basis reported in box 3 is incorrect and the type of gain or loss (short-term or long-term) reported in box 1c is incorrect. UltraTax CS prints codes "BT" on Form 8949, column (f), Code(s) from instructions. Enter the basis reported to the IRS on Form 1099-B in the Cost or Basis column, and enter the difference between the correct basis and the basis reported to the IRS in the Adj to Gain (Loss) column.
- Date Acquired / Date Sold / Holding Period / Treatment Force:The application determines the holding period of an asset based on the dates you enter in these columns. If you leave the date columns blank, the application defaults to the short-term holding period. To force the sale as short-term, long-term, 28 percent rate, section 1202 - 50% exclusion, section 1202 - 60% exclusion, section 1202 - 75% exclusion, or section 1202 - 100% exclusion, enter a code in the Treatment Force column.noteIf you choose code4, Section 1202 - 50% exclusion, code5, Section 1202 - 60% exclusion, code6, Section 1202 - 75% exclusion, or code7, Section 1202 – 100% exclusion, in the Treatment Force column, the application does not list the transaction on Schedule D but, instead, includes the amount on Schedule K, Other income.
- Adj to Gain (Loss):Enter an amount to adjust the amounts reported to the IRS on Form 1099-B or 1099-S, to exclude or postpone a capital gain, to report a disallowed loss, etc. If you enter an adjustment in this column, you must also select a code in the Adj Code column or select code1or3in the 1099B Errors column.
- Adj Code:Enter a code for the adjustment amount you enter in the Adj to Gain (Loss) column. If you enter an adjustment amount in the Adj to Gain (Loss) column, you must enter an adjustment code. Enter one of the following codes, or select the code from the drop-down list.CodeDetailsNReceived 1099-B or 1099-S as a nominee for the actual ownerDAccrued market discount in box 1gQExcluded gain on qualified small business stockXExcluded gain on DC Zone assets or qualified community assetsRPostponed gain on rollover (e.g. QSB or publicly traded securities.)WNondeductible loss from a wash saleLNondeductible loss from other than wash saleESelling expenses or option premiums not on 1099-B or 1099-SMMultiple transactions reported on a single rowOAdjustment not explained with any other codeZPostponed gain (invested in Qualified Opportunity Fund)YGain from QOF (deferred in prior tax year)You can use the 1099B Errors and the Adj Code columns to report multiple codes for a transaction. For example, to exclude a portion of the gain on a transaction that received Form 1099-B with an incorrect basis and type of gain or loss, enter the following in the statement. The application will print "BTX" on Form 8949, column (f), Code(s) from instructions.
- 1099B Errors:3, Basis and type of gain or loss shown on 1099-B are incorrect
- Adj Gain (Loss): Amount to be excluded (enter as a negative amount)
- Adj Code:X, Excluded gain on DC Zone assets or qualified community assets
- Gain (Loss):The application automatically calculates the gain or loss by subtracting the amount entered in the Cost or Basis column from the amount entered in the Sales Proceeds column and adding the amount entered in the Adj to Gain (Loss) column.
Long-term capital gain distributions
Use the statement to enter the total long-term capital gain distributions. Include 28 percent rate distributions and IRC section 1202 distributions in the total distributions amount. Complete the 28% rate and Section 1202 columns in this statement to complete the grayed out
28% rate capital gain distributions
and Section 1202 capital gain distributions
fields below.28% rate capital gain distributions
Use the
Long-term capital gain distributions
statement above to enter the portion of long-term capital gain distribution attributable to collectibles. Include this amount in the total long-term capital gain distributions amount. The amounts you enter in the statement above transfer to this grayed out field to report on Schedule K, Collectibles (28%) gain (loss).Section 1202 capital gain distributions - 50% exclusion / 60% exclusion / 75% exclusion / 100% exclusion
Use the
Long-term capital gain distributions
statement above to enter the portion of long-term capital gain distribution attributable to IRC section 1202 gain subject to the 50 percent, 60 percent, 75 percent, and 100 percent exclusion at the partner level. Include this amount in the total long-term capital gain distributions amount. The amounts you enter in the statement above transfers to these grayed out fields to report to Schedule K, Other income.Unrecaptured section 1250 gain from sale or exchange of partnership interest
Enter the unrecaptured section 1250 gain from the sale or exchange of partnership interest. The amount transfers to Schedule K, Unrecaptured section 1250 gain.