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Schedule m 3 instructions 1065 2023 Form: What You Should Know
Line 2 — Capital gain taxed under IRC Section 851(a) and the alternative minimum tax — If any part of your gain is taxable under Section 851 (and the Alternative Minimum Tax applies), then you should add a pro- Line 3 — Gain or loss on sale of a capital asset, such as a plant, machinery, or other property—A gain (loss) is an excess of the adjusted cost base of the property over the fair market value of the property on the date of the sale. Line 4— Gains or losses (not includible in gross income) other than ordinary dividends received— The amount of gain or loss on the sale of a capital asset (i.e., plant, machinery, or other property) includible in your gross income from the sale. You should subtract the allowable capital loss (or gain that you would have allowed if you sold the asset at a loss) from the gain (loss). Line 5— Gains or losses on the sale of business property -The amount of gain, loss, or change in equity that you or your partners (or persons for whom you act as an agent) are allowed to report when you dispose of your business. This is your gain (loss) when you dispose of your business property (i.e., plant, machinery, or other property) as part of a sale or exchange. If your business property includes real property, you should report the fair market value of the property (before any gain, gain, or change in equity) on line 3. Line 6— Gains or losses on the sale of personal property —The gain (loss) reported when you dispose of items other than business property as a basis for determining gain or loss from your partnership. For example, if your partnership disposed of office equipment, you may report the gain on line 6 only if the office equipment is acquired as a basis for the purchase of a property other than business property. Line 7- Adjustments to income for partnership loss from a loss on a sale or exchange -The amount of net income (loss) you would have received from an individual sale or exchange of partnership property if the property were not sold or exchanged. For example, if you sell your partner's vacation property for a gain of 150, and you pay 130 to your partner for the property as a basis for acquiring a property of your own, then line 7-10 is adjusted so that the 130 amount is a loss.
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