- 3 -
Part I. Total Investment Interest Expense
Line 1. Investment interest expense
paid or accrued in 1997 $2,505
Line 2. Disallowed investment interest
expense from 1996 Form 4952, line 7 24,216
Line 3. Total investment interest expense 26,721
Part II. Net Investment Income
Line 4a. Gross income from property held for
investment (excluding any net gain from the
disposition of property held for investment) [1]5,044
Line 4b. Net gain from the disposition
of property held for investment $114,738
Line 4c. Net capital gain from the
disposition of property held for
investment 65,721
Line 4d. Subtract line 4c from line 4b 49,017
Line 4e. Enter all or part of the amount
on line 4c that you elect to include
in investment income 0
Line 4f. Investment Income.
Add lines 4a, 4d, and 4e. 54,061
Line 5. Investment expenses 0
Line 6. Net investment income.
Subtract line 5 from line 4f. 54,061
Part III. Investment Interest Expense Deduction
Line 7. Disallowed investment interest
expense to be carried forward to 1998.
Subtract line 6 from line 3. 0
Line 8. Investment interest expense deduction.
Enter the smaller of line 3 or 6. 26,721
1 This is the total amount of petitioners’ interest ($1,075) and
dividend ($3,969) income reported on Schedule B.
Petitioners calculated most of the lines on Form 4952 from
Schedule D, column f, where they reported the following amounts:
Line 1. Short-term capital gains and losses$4,002
Line 2. Enter your short-term totals,
if any, from Schedule D-1, line 2 45,015
Line 7. Net short-term capital gain or (loss) $49,017
Line 8. Long-term capital gains and losses(3,601)
Line 9. Enter your long-term totals,
if any, from Schedule D-1, line 9 69,322
Line 11. Gain from Form 4797, Part I * * * [1]12,751
Line 14. Long-term capital loss carryover(141,621)
Line 16. Net long-term capital gain or (loss) (63,149)
1 This gain resulted from petitioners’ sale of a condominium that was
sec. 1250 property and, therefore, was not included as an item of investment
income. See sec. 163(d)(4)(D).
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011