Question
How do I enter IRC Section 751 Changes in Pro Series? I received a supplemental information sheet that shows $8753 of gain subject to recapture as Ordinary Income.
Sale Proceeds are blank
Purchase Price Initial Basis Amt = $8,452.
Cumulative Adjustments to Basis =- $8,308.
Cost basis = $144.
Gain Subject to Recapture as Ordinary income = $5,615.
% Long Term = 94
Cumulative Adjustments to Basis = -$5170.
Gain Subject top recapture as Ordinary Income = $8,753.
Purchase Price Initial Basis Amt = $8,452.
Cumulative Adjustments to Basis =- $8,308.
Cost basis = $144.
Gain Subject to Recapture as Ordinary income = $5,615.
% Long Term = 94
Cumulative Adjustments to Basis = -$5170.
Gain Subject top recapture as Ordinary Income = $8,753.
