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What adjustments are made for capital gains and losses?
What adjustments are made for capital gains and losses?
Adjustments of Capital Gains and Losses (Form MI-1041D) must be used for the following:
- Capital gains/loss election under Section 271 for property acquired before October 1, 1967;
- Sale or exchange of U.S. obligations which cannot be taxed by Michigan; or
- Sale or exchange of property subject to Michigan's allocation or apportionment provisions
Schedule 4, on the MI-1041 must be completed if a capital gain/loss is distributed to beneficiaries and an MI-1041D is filed.