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Form 4797 Illinois: What You Should Know

July 31, 2023 β€” Form 4797 was initially approved by the Office of the State Board of Tax Appeals. Form 4797.1 β€” Information Return β€” Illinois.gov Column 1β€” Enter the name of purchaser of the business. Column 2 β€” Enter the date you sell the business. Column 3β€” Enter the amount of Section 1231 gain from this sale reported this year on your federal Form 4797 or 6252. Section 1231 gain from this sale. Column 4β€” Enter information about your noncapital assets. Column 4β€” Add a line item for Schedule F(i). Column 5β€” Enter the amount of Section 1231 gain from this sale reported this year on your federal Form 4797 or 6252. Column 6β€” Enter information about your capital assets. Column 7 β€” Add a line item for Schedule F(i). If more than one line item exists, place them all on a single line and make an entry for each amount, starting at the first line. Column 8β€” Enter the amount of Section 1231 gain from this sale reported this year on your federal Form 4797 or 6252. Column 9β€” Enter information about your noncapital assets. Column 10β€” Add a line item for Schedule F(i). If more than one line item exists, place them all on a single line and make an entry for each amount, starting at the first line. Column 11β€” For example, the owner is: The owner of the business.Β The owner has sold the business. If the owner is the same person who owns the business, use Form 4797. For example, if you are the owner of the business, and someone is the owner of the business, use Form 4797, sales of business property. NOTE: All entries must be made in the correct sequence, starting with Form 4797. Column 12 and the corresponding line item must be entered by the time you complete Form 4797. Column 13 and corresponding line item must be entered by the time you complete Form 4797. Column 14 and corresponding line item must be entered by the time you complete Form 4797. Section 1231 gain from this sale. Column 15. Enter the information in columns 12 and 13. Carryover. If you do not file Form 4797 this year, attach a separate Schedule F (Form 6252) for your taxable years prior to making this sale. Column 16. Enter the information in columns 12 and 13.

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