Treasury is reviewing the recently enacted tax law changes, including the new Marijuana Wholesale Tax. Developing clear and accurate information for tax stakeholders is our top priority. This guidance will be posted to our website in the coming weeks.
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.