990-US: Sale information reported differently for a section 501 (c)(7), (9), or (17) organization (FAQ)

Alerts and notices
Leave feedback

Internal Employees: Submit feedback

Contact information (optional):

Leave this blank:

Please tell us how we can make this information more helpful.


Characters left:

Change to CS Support service hours

Our Support department is closed on [[date]]. However, limited UltraTax CS phone support is available on that date from 9 AM - 5 PM ET due to the approaching deadline.

Links to our most popular tax processing topics are available in the Alerts and notices section on the right side of most pages.

Question

Why is sale information reported differently for a section 501 (c)(7), (9), or (17) organization?

Answer

Under section 512(3)(D), if replacement property was purchased within the requirement period, the gain on the sale is reported only to the extent that the sale price of the old property exceeds the cost of the replacement property. UltraTax CS prepares a worksheet supporting this calculation.

If replacement property has not been purchased, the sale is reported as entered on Form 4797 or Schedule D.

Related topic: 990-US: Sale information FAQs

Share This