Illinois Gains from Sales or Exchanges of Property Acquired Before August 1, 1969

Gains from Sales or Exchanges of Property Acquired Before August 1, 1969
Form IL-1041 Schedule F, Gains from Sales or Exchanges of Property Acquired Before August 1, 1969
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Illinois Department of Revenue	

	

Gains from Sales or Exchanges
of Property Acquired
		
Before August 1, 1969
Attach to your Form IL-1041		

Year ending

Schedule F

		

Enter your name as shown on your Form IL-1041.	

Month	

Year

	

IL Attachment No. 16

Enter your federal employer identification number (FEIN).

You should file this schedule only if you reported gains from the disposition of property acquired before August 1, 1969, as shown
on U.S. Form 1041, Schedule D (or U.S. Form 8949, if applicable), and U.S. Form 4797 or U.S. Form 6252. See instructions.
You must attach a copy of U.S. Form 1041, Schedule D, and U.S. Form 4797, 6252, or 8949, if filed.

	

A	

B	

C	

D	

E	

					 Section 1245	
		
Date acquired	
Date sold	
Federal gain	
or 1250 gain	
	
Description of property	
(month/year)	
(month/year)	
this year	
(see instructions)	

F	

G

Section			
1231 gain			
(see instructions)	
Capital gain

	1	 a
		b
		c
	 d
		e
	

	
H	

I	

			
	
August 1, 1969, value	
Federal tax	

J	

K	

L	

Subtract Col. I from Col. H	
or fraction in	

Section 1231, 1245,	
and 1250 Gain	

Section 1231, 1245,	
and 1250 Gain	

M	
Capital Gain

	

or applicable fraction	

basis on 	

Col. H times Col. D	

Enter smaller of	

Subtract Col. K from Col. J	

Enter smaller of

	

(see instructions)	

August 1, 1969	

(see instructions)	

Col. E or Col. J	

but not more than Col. F	

Col. G or Col. J

		a
		b
		c
		d
		e

	2	 Enter your share of pre-August 1, 1969, appreciation amounts from	
		 partnerships and other trusts and estates.	
	3	 Enter the amount from Form IL-4644, Line 18, if required. See instructions.	
	4	 Enter the total of Column K here and on Line 7, Column 1.	
	5	 Enter the total of Column L here and on Line 8, Column 1.	
	6	 Enter the total of Column M here and on Line 9, Column 1.	

2	
3	
4	
5		
6	

		

Distribution of Appreciation Amounts

	

	
	7	 Enter the beneficiaries’ share in Column 2 and on Schedule K-1-T, Step 6, Line 46,	
		 Column A. Enter the fiduciary’s share in Column 3 and on Line 17 below.	
7	
	8	 Enter the beneficiaries’ share in Column 2 and on Schedule K-1-T, Step 6,

Column 1	
Total	

Column 2	

Column 3

Beneficiaries	Fiduciary

	
	Line 47, Column A. Enter the fiduciary’s share in Column 3, and if
		 U.S. Form 1041, Schedule D, Line 14, is a gain, enter on Line 11 below.	
8
	9	 Enter the beneficiaries’ share in Column 2 and on Schedule K-1-T, Step 6, Line 48,
		 Column A. Enter the fiduciary’s share in Column 3 and on Line 10 below. 	 9

Valuation Limitation Amount
10		 Enter the amount from Line 9, Column 3.	
10
	11	 Enter the amount from Line 8, Column 3, or zero if U.S. Form 1041, Schedule D, Line 14,		
		 (or U.S. Form 1041, Schedule D, Line 11, if U.S. Form 4797 is not used) is blank.	
11
	12	 Add Lines 10 and 11.	
12
	13	 Net capital gain. Enter the amount, if any, from U.S. Form 1041, Schedule D, Line 19, Column 2.	
13
	14	 Enter the amount from Form IL-4644, Line 13, if required. See instructions. 	
14
	15	 Subtract Line 14 from Line 13. If Line 14 is equal to or greater than Line 13, enter zero.
	
15
	16	 Enter the smaller of Line 12 or Line 15.	
16
	17	 Enter the amount from Line 7, Column 3. 	
17
	18	 August 1, 1969, valuation limitation amount. Add Lines 16 and 17. Enter the result here and on
		 Form IL-1041, Line 13, Column B.	
18

Schedule F Front (IL-1041) (R-12/19)

This form is authorized as outlined by the Illinois Income Tax Act. Disclosure of this
information is REQUIRED. Failure to provide information could result in a penalty.

	

	
	
	
	
	
	
	

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Installment Sales
If, on your U.S. Form 1041, Schedule D, U.S. Form 8949, or U.S. Form 4797, you reported gains from an installment sale of property acquired
before August 1, 1969, complete Schedule F for those sales by following the instructions below.
If, for federal tax purposes, you filed U.S. Form 6252 but were not required to file U.S. Form 4797, attach to your Schedule F:
(1) a statement that you were not required to file U.S. Form 4797 and (2) a copy of the U.S. Form 6252 as filed.

Installment sales before August 1, 1969

Installment sales on or after August 1, 1969

Complete Schedule F

Complete Schedule F

Columns A through C – Follow Schedule F Instructions.

Columns A through I – Follow Schedule F Instructions.

Column D – Enter “INST” to indicate installment.

Column J – Complete the worksheet below and enter in this

Columns E through J – Leave blank.

column the amount from Column 5 of the worksheet below.

Column K – Enter the amount of Section 1245 or 1250 gain from
this sale reported	this year on your U.S. Form 4797 or 6252.

The heading for Column J does not describe this entry.

Column K through M – Follow Schedule F Instructions.

Column L – Enter the amount of Section 1231 gain from this sale
reported this year on your U.S. Form 4797 or 6252.

Column M – Enter the amount of gain from this sale reported this
year on your U.S. Form 1041, Schedule D, or U.S. Form 8949.

Column J Worksheet
	

1	
2	3	4	5

			
Column 1 times Column 2 or, 	
Total gain	
Column 3 minus Column 4.
			
if Column 2 blank, Schedule F,	
reported in	
If negative, enter zero.
	
Total gain	
Fraction	
Column H minus Column I	
prior years	
Enter this amount in Column J.
					

	 a
	 b
	 c
	 d
	 e

Instructions for Column J Worksheet
For each installment sale after July 31, 1969, reported on
Schedule F:

Column 4 - Enter the total gain reported on federal income tax

Column 1 - Enter the total federal gain realized on the sale. This is

Column 5 - Subtract Column 4 from Column 3. If the result is

returns in prior years.

your entire gain and not just the amount of gain reported this year.

Column 2 - Enter the fraction, if any, entered on Schedule F,

negative, enter zero. Enter the amount here and on Schedule F,
Column J.

Column H.

Column 3 - If you entered a fraction in Column 2 of this worksheet,
multiply Column 1 by that fraction. If Column 2 is blank, subtract
Column I from Column H on Schedule F and enter the amount in
Column 3.

Reset
Schedule F Back (IL-1041) (R-12/19)

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Printed by the authority of the state of Illinois - electronic only - one copy.