MI Form Instructions 1120-S (Schedule K-1) 2024-2025

MI Form Instructions 1120-S (Schedule K-1): What You Should Know

Schedule K. Enter amount on Schedule K, column (m), line 8a. 8a.  Include any net capital gain or loss. Do not include interest.  Add the income or loss:  1. To the federal tax on long-term Capital Gains and 2. To the federal tax on Short-Term Capital Gains (including AMT). Capital gains and losses must be from the disposition of Capital Properties. Note: 1. The amount of capital gain determined by the taxpayer's basis in Capital Properties on the date of disposition must be added to the basis of the property (i.e., the Amount of Capital Gain = the capital gain (Form 1120, line 6). 2. You cannot carry over any capital gain to a subsequent year if: a. You pay no tax with respect to such gain in such year 2. You carry over any capital gain to a subsequent year; and, a. If you have a taxable capital gain in the subsequent year,  (i) You can deduct the amount you carried over from See below,  Amount of Capital Gain. Or  (ii) you will have to pay a tax equal to 10% of the excess. If you do not know your tax on capital gains, you may use Form 1116, Form 1193,  Schedule K (Form 100). For information on using and claiming the standard deduction, see Publication 1250. 7b. In addition, Report the amount entered. 9. Sales or exchange of capital properties. a.  If the S corporation is a partnership which has disposed of property, if the S corporation held capital property other than: 1. Property held for reinvestment purposes or 2. Property held for sale or lease purposes, then the basis of such property is immediately increased by the amount of capital gain recognized by the business. b. See examples above. 10a. Part II, Item 7B Disposition of Capital Properties. 10b. Part II, Item 7A Disposition of Partnership Interests. 11. Gain on Sale or Exchange of Partnership Interests on Part-I-C Schedule D (Form 1120).  If partnership was a partnership in which the participating partners each hold an interest: 12. Gain on Sale of Partnership Interests on Part-I-A Schedule D (Form 1120).

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