INSTRUCTIONS: ILLINOIS GAINS FROM SALES OR EXCHANGES OF PROPERTY ACQUIRED (SCHEDULE F)

Illinois small businesses who reported a capital gain on property acquired on or before August 1, 1969, as well as those who sold such property, must file a Schedule F documenting this income along with their form IL-1120-ST, the small business corporation replacement tax return that must be filed annually. Both forms can be found on the website of the Illinois Department of Revenue.

Illinois Gains From Sales Or Exchanges Of Property Acquired (Schedule F) Step 1: At the top of the page, right your name as it appears on form IL-1120-ST and your federal employer identification number.

Illinois Gains From Sales Or Exchanges Of Property Acquired (Schedule F) Step 2: Question one requires you to provide information about money gained from the sale or exchange of property. In column A, enter descriptions of the property in question.

Illinois Gains From Sales Or Exchanges Of Property Acquired (Schedule F) Step 3: In column B, enter the month and year the property was acquired. In column C, enter the month and year the property was sold. In column D, enter the federal gain reported this year.

Illinois Gains From Sales Or Exchanges Of Property Acquired (Schedule F) Step 4: In column E, enter your gains as recorded in sections 1245 or 1250 of your US form 4797 or 6252. In column F, give your gains from section 1231 of the same forms. Enter your capital gain in column G.

Illinois Gains From Sales Or Exchanges Of Property Acquired (Schedule F) Step 5: Columns H through M require further computations to determine your overall capital gain.

Illinois Gains From Sales Or Exchanges Of Property Acquired (Schedule F) Step 6: If any transactions were completed on an installment sale basis, read the instructions at the bottom of page one to determine which columns should be left blank. Complete the Column J worksheet on the second page as indicated to assess these sales.

Illinois Gains From Sales Or Exchanges Of Property Acquired (Schedule F) Step 7: Lines two through seven on the first page instruct you to transfer information from your calculations in section one, as well as from any Schedule K-1-P form filed documenting the individual partner and shareholder share of income and other business income involvement.