Table of Contents
In Part I, report the sale, exchange, or distribution of capital assets held 1 year or less. In Part II, report the sale, exchange, or distribution of capital assets held more than 1 year. Use the trade dates for the dates of acquisition and sale of stocks and bonds traded on an exchange or over-the-counter market.
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Receipt of certain distributions with respect to stock (section 301 or 1059),
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Liquidation of another corporation (section 334),
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Transfer to another corporation (section 358),
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Transfer from a shareholder or reorganization (section 362),
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Bequest (section 1014),
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Contribution or gift (section 1015),
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Tax-free exchange (section 1031),
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Involuntary conversion (section 1033),
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Certain asset acquisitions (section 1060), or
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Wash sale of stock (section 1091).
If the corporation has both a net capital gain on line 13 and a qualified timber gain, complete Part IV to determine the alternative tax. For this purpose, a qualified timber gain means the net gains described in section 631(a) and (b), determined by taking into account only trees held more than 15 years. Only qualified timber gains allocable to the period that begins after May 22, 2008, and ends before May 23, 2009, are eligible for the alternative tax.
Enter the amount from Part IV, line 26, on Form 1120, Schedule J, line 2, or the applicable line of the corporation's tax return.
Filers of Form 1120-RIC do not use Schedule D (Form 1120) to figure the alternative tax. These filers figure the tax on Part II of Form 1120-RIC.
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