Form CG Idaho Capital Gains Deduction

1) Producing assembling fabricating manufacturing or processing any agricultural mineral or manufactured product; 2 Qualifying capital gain from sale of personal residence from federal Schedule D 2) Storing warehousing distributing or selling at 3 Qualifying capital gain or (loss) from installment sales Include federal Form 6252 3) Feeding livestock at a feedlot; 4 Qualifying capital gain or (loss) from sales of business property Include federal Form 4797 4) Operating laboratories or other facilities for scientific agricultural animal husbandry or industrial research development or testing 5 Qualifying capital gain or (loss) from partnerships S corporations estates or trusts 6 Add amounts in column f of line 1 and lines 2 through 5 7 Qualifying capital loss carryover See instructions 8 Net gain or (loss) Subtract line 7 from line 6 9 If line 8 is a gain multiply line 8 by 60% Column a Describe the type of property Identify the Idaho location at the date of sale Column b Identify the month day and year the property was acquired Column c Identify the month day and year the property was sold Column d Enter the sales price Column e Enter the cost or other basis Basis is computed under the appropriate provisions of the Internal Revenue Code Column f Compute your gain or loss by subtracting your basis (column e) from the sales price (column d) Name(s) as shown on return wholesale any products of agriculture mining or manufacturing; "Capital gain net income" means the excess of the gains from sales or exchanges of capital assets over the losses from such sales or exchanges (a) Real property held for at least 12 months or (b) Tangible personal property used in a revenue producing enterprise and held for at least 12 months A revenue (c) Cattle and horses held for at least 24 months and other livestock used for breeding held for at least 12 months if the owner received more than one half of his gross income from farming or ranching in Idaho or (d) Timber held for at least 24 months (mo day yr ) (See instructions for qualifying Idaho property ) 06 16 11 1 List qualifying capital gains and losses not included on lines 2 through 5 below 1 through 5 10 Capital gain net income included in federal adjusted gross income See instructions 11 Enter the smaller of line 9 or 10 here and on Form 39R Part B line 10 or Form 39NR Part B line 6 A capital loss carryover from qualifying property reduces the current year gains from eligible property Losses from property not eligible for this deduction do not reduce gains from eligible property The Idaho capital gains deduction cannot exceed the capital gain net income reported on the federal return Gains treated as ordinary income do not qualify for the deduction a Description of property and Idaho location b Date acquired c Date sold Capital gain from qualifying property described above held by d Sales price Distributive Share of Gain or Loss From S Corporations Partnerships Trusts and Estates e Cost or other basis EFO00093 EFO00093p2 f Gain or (loss) Form CG is used to compute an individual's Idaho capital gains deduction The deduction is 60% of the capital gain net income included in federal taxable income from the sale of Idaho General Information IDAHO CAPITAL GAINS DEDUCTION Include federal Form 6252 Capital gain from an installment sale is not eligible for the Idaho capital gains deduction if the property was not held for the minimum holding period by the date sold Instructions for Idaho Form CG Line 1 List qualifying capital gains and losses Do not include gains and losses reported on lines 2 through 5 Line 10 Enter your capital gain net income included in federal adjusted gross income This is the capital gain from federal Form 1040 line 13 Line 11 Compare lines 9 and 10 Enter the smaller amount here and on Form 39R Part B line 10 or Form 39NR Part B Line 2 Enter the taxable gain from the sale of your Idaho home from federal Schedule D If you are reporting a gain that qualifies from previous installment sales see line 3 Line 3 If you used federal Form 6252 to report the installment method for the gain on the sale of eligible property on your federal return compute your capital gains deduction using the current year's taxable portion of the installment payment Line 4 Enter the eligible capital gain net income from federal Form 4797 Do not include ordinary gains reported on federal Form 4797 Part II Line 5 Enter qualifying capital gain or loss from partnerships Line 6 Enter the total of gains and losses in column f for lines line 6 This is your Idaho capital gains deduction Line 7 Enter the total qualifying capital loss carryover from the prior year's return Line 9 If line 8 is a gain enter 60% of line 8 If line 8 is a loss you cannot claim this deduction NOTE: Gains from the sale of stocks easements leasehold real properties and other intangibles do not qualify producing enterprise means: property Only capital gains from the following Idaho property qualify: Refer to the Internal Revenue Code for definitions of capital assets short term and long term capital gains and losses computations of basis and gain from disposition of depreciable property S corporation partnership trust or estate and provided to the pass through owner on Form ID K 1 Part B line 8 The deduction is claimed on the return of the individual shareholder partner or beneficiary The partnership S corporation trust or estate must provide supplemental information to the partners shareholders or beneficiaries with Form ID K 1 identifying the type of property sold the date of sale and the holding period of the property by the partnership S corporation trust or estate S corporations partnerships trusts and estates is eligible for the Idaho capital gains deduction S corporations trusts and estates If filing form 40 enter the amount shown from Form ID K 1 Part B line 8 If filing Form 43 enter the amount of qualified gains or losses included on Form 43 line 27; which is usually the amount from Form ID K 1 Part B line 8 multiplied by percentage shown on Form ID K 1 Part A line 1 Social Security Number Specific Instructions The amount of gain or loss must be computed by the