joshuabarksatlcs
Level 10
‎11-01-2021 01:31 PM

@qbteachmt  Yes, My Question 1 was about Line 7 a thru d, but it was more about confirming the total gain belongs to Column (D) - the instructions for the four columns are in the beginning for Part VIII, same instructions cited by you. 

Part VIII. Statement of Revenue

Check the box in the heading of Part VIII if Schedule O (Form 990 or 990-EZ) contains any information pertaining to this part.

Column (A).  All organizations must complete column (A), reporting their gross receipts for all sources of revenue..... 

Column (B).  In column (B), report all revenue from activities substantially related to the organization's exempt purposes.... 
 

Column (C).  In column (C), report any unrelated business revenue received by the organization during the tax year from an unrelated trade or business, unless.... 

Column (D).  In column (D), report any revenue excludable from unrelated business income by section 512, 513, or 514. Examples of such revenue include receipts from the sale of donated merchandise, interest (unless debt-financed), and receipts from bingo games.

 

My understanding is based on: 

Section 512(b)(1) exempts dividends, interest... etc; (Exclusion Code 14 on Lacerte input screen); and 

Section 512(b)(5) exempts gain on sales of investments (Exclusion Code 18 on Lacerte input screen) . 

 

My Question 2 and Question 3 were about Schedule A, Support Test.

 

I have not dealt with capital gains to this magnitude, and would like to confirm my understanding.  Thanks.

 


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