Sale of Business Property
Response to the following problem:
In 2014, Virginia Banks (SSN 364-25-8153) had the following transactions involving property used in her manufacturing business.
Virginia will not reinvest any of the proceeds from the condemned land or building in qualified replacement property and wants to report the gain on her 2014 return. Virginia's nonrecaptured net Section 1231 losses the previous five years are $3,500. Prepare Form 4797, Sales of Business Property, using the blank form provided.