What is the purpose of Form 8949?

Form 8949, Sales and Other Dispositions of Assets, is used to report dispositions of capital assets. The form is used to calculate the cost basis and the gain or loss on the disposition of a capital asset such as stocks, bonds, real estate, or collectibles.

What should a corporation do if it receives a Form 1099-B reporting the sale of stock with basis not reported to the IRS?

The corporation cannot report this transaction directly on Schedule D, line 8a. Instead, the corporation must complete and attach Form 8949 before completing Schedule D. The instructions for Form 8949 will guide the corporation in determining columns (f), (g), and (h).

What should a corporation do if it receives a Form 1099-B reporting the sale of stock with basis reported to the IRS?

The corporation can enter the proceeds and basis as reported on the Form 1099-B directly on Schedule D, line 8a, columns (d) and (e), respectively. If there were multiple transactions reported on the same Form 1099-B, combine them by entering the total proceeds and total basis in columns (d) and (e).

What are short-term capital gains?

Short-term capital gains are profits from the sale of assets that were held for one year or less. These gains are generally taxed at the same rate as ordinary income.

Form 1039, Corporate Annual Return/Report, is used by corporations to report their income and pay any taxes owed. The form must be filed by the 15th day of the fourth month following the end of the tax year.

Form 8946, Credit for Increasing Research Expenditures, is used by corporations and other entities to claim a research credit. The form must be filed separately by each entity that wishes to claim the credit.

What is Form 1065 Schedule K-1?

Form 1065, U.S. Return of Partnership Income, Schedule K-1 is used by partnerships to provide their partners with information about the partnership's income, deductions, credits, and other items that are passed through to the partners. The form is filed separately by each partnership.

Form 1099-B, Proceeds from Broker and Barter Exchange, is used to report proceeds from the sale of securities. The form reports the gross proceeds, the cost or other basis, gain or loss on disposition, and any adjustments made to the reporting of these items.

What is the deadline for filing a Form 1065?

The deadline for filing a Form 1065, U.S. Return of Partnership Income, depends on the tax year and the partnership agreement. The Form must be filed by the 15th day of the third month following the end of the tax year if the partnership has a fiscal year or by the 15th day of the fourth month following the end of the tax year if the partnership has a calendar year.

Form 8949, Sales and Other Dispositions of Assets, is used to report dispositions of capital assets. The form is used to calculate the cost basis and the gain or loss on the disposition of a capital asset such as stocks, bonds, real estate, or collectibles.

What should a corporation do if it receives a Form 1099-B reporting the sale of stock with basis reported to the IRS but the basis shown is incorrect?

The corporation cannot report this transaction directly on Schedule D, line 8a. Instead, the corporation must complete and attach Form 8949 before completing Schedule D. Use the instructions for Form 8949, columns (f), (g), and (h), to make any necessary adjustments.

Form 1120 Schedule D

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Capital Gains and Losses

Rev. 2023

This document provides instructions for completing Schedule D (Form 1120) for capital gains and losses for corporations. The form includes sections for short-term and long-term transactions, with separate lines for proceeds, cost, adjustments, and gain or loss. Corporations are required to report certain investments in qualified opportunity funds. The document also provides instructions for reporting installment sales, like-kind exchanges, and capital loss carryovers. Additionally, the document explains how to calculate net short-term and long-term capital gains or losses.

Instructions

Form 1120 Instructions for Schedule D - Instructions for Schedule D (Form 1120), Capital Gains and Losses

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FAQ

What is the purpose of Form 8949?
Form 8949, Sales and Other Dispositions of Assets, is used to report dispositions of capital assets. The form is used to calculate the cost basis and the gain or loss on the disposition of a capital asset such as stocks, bonds, real estate, or collectibles.
What should a corporation do if it receives a Form 1099-B reporting the sale of stock with basis not reported to the IRS?
The corporation cannot report this transaction directly on Schedule D, line 8a. Instead, the corporation must complete and attach Form 8949 before completing Schedule D. The instructions for Form 8949 will guide the corporation in determining columns (f), (g), and (h).
What should a corporation do if it receives a Form 1099-B reporting the sale of stock with basis reported to the IRS?
The corporation can enter the proceeds and basis as reported on the Form 1099-B directly on Schedule D, line 8a, columns (d) and (e), respectively. If there were multiple transactions reported on the same Form 1099-B, combine them by entering the total proceeds and total basis in columns (d) and (e).
What are short-term capital gains?
Short-term capital gains are profits from the sale of assets that were held for one year or less. These gains are generally taxed at the same rate as ordinary income.
What is Form 1039?
Form 1039, Corporate Annual Return/Report, is used by corporations to report their income and pay any taxes owed. The form must be filed by the 15th day of the fourth month following the end of the tax year.
What is Form 8946?
Form 8946, Credit for Increasing Research Expenditures, is used by corporations and other entities to claim a research credit. The form must be filed separately by each entity that wishes to claim the credit.
What is Form 1065 Schedule K-1?
Form 1065, U.S. Return of Partnership Income, Schedule K-1 is used by partnerships to provide their partners with information about the partnership's income, deductions, credits, and other items that are passed through to the partners. The form is filed separately by each partnership.
What is Form 1099-B?
Form 1099-B, Proceeds from Broker and Barter Exchange, is used to report proceeds from the sale of securities. The form reports the gross proceeds, the cost or other basis, gain or loss on disposition, and any adjustments made to the reporting of these items.
What is the deadline for filing a Form 1065?
The deadline for filing a Form 1065, U.S. Return of Partnership Income, depends on the tax year and the partnership agreement. The Form must be filed by the 15th day of the third month following the end of the tax year if the partnership has a fiscal year or by the 15th day of the fourth month following the end of the tax year if the partnership has a calendar year.
What is Form 8949?
Form 8949, Sales and Other Dispositions of Assets, is used to report dispositions of capital assets. The form is used to calculate the cost basis and the gain or loss on the disposition of a capital asset such as stocks, bonds, real estate, or collectibles.
What should a corporation do if it receives a Form 1099-B reporting the sale of stock with basis reported to the IRS but the basis shown is incorrect?
The corporation cannot report this transaction directly on Schedule D, line 8a. Instead, the corporation must complete and attach Form 8949 before completing Schedule D. Use the instructions for Form 8949, columns (f), (g), and (h), to make any necessary adjustments.

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Internal Revenue Service (IRS) Forms

Form 1120 Schedule D is one of the official tax forms used in the United States to report income, claim deductions and credits, calculate tax liability, and fulfill other tax-related obligations. The IRS is the federal agency responsible for administering and enforcing the internal revenue laws in the United States.

Here are some examples of Internal Revenue Service forms:

Form 1040: This is the primary individual income tax return form used by most taxpayers. It is used to report various types of income, claim deductions and credits, calculate tax liability, and determine whether a taxpayer owes additional tax or is entitled to a refund.

Form 1099: There are different variations of Form 1099, such as 1099-MISC, 1099-INT, 1099-DIV, etc. These forms are used to report income received by individuals or businesses from various sources other than employment, such as self-employment income, interest income, dividend income, and rental income.

Form W-2: This form is used by employers to report wages paid to employees and the taxes withheld from their pay. Employees use the information on Form W-2 to complete their individual tax returns.

Form 941: Employers use this form to report employment taxes, including federal income tax withheld, Social Security tax, and Medicare tax, for their employees.

Form 1065: This form is used by partnerships to report their income, deductions, and tax liability. Partnerships themselves do not pay income tax; instead, the partners report their share of partnership income on their individual tax returns.

Form 1120: This is the corporate income tax return form used by C corporations to report their income, deductions, and tax liability.

Form 990: This form is used by tax-exempt organizations, such as nonprofits and charities, to report their financial information, activities, and compliance with tax laws.

Form 8862: This form is used by taxpayers who previously claimed the Earned Income Tax Credit (EITC) but had it disallowed, and now want to claim it again.

These are just a few examples of the numerous IRS forms that exist to fulfill various tax-related obligations. The specific forms required for an individual or business depend on their unique circumstances, income sources, and deductions. It's advisable to consult the official website of the Internal Revenue Service (www.irs.gov) or seek professional tax advice to obtain accurate and up-to-date information regarding the specific IRS forms relevant to your tax situation.

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