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capgain1.form
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1994-11-17
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;Form T697 Capital Gains Deduction
<\}\bCalculation of Capital Gains Deduction
<\}\bfor 1990 on All Capital Property
^\`\bCalculation of Capital Gains Deduction for 1990 on All Capital Property
` T657(E)
`Name: \~ A07_\; S.I.N #: \~ A00_\;
`
`
'\bPart 1 - Calculation of Annual Gains Limit for 1990
`* for all dispositions of capital property including reserves on sales
` after 1984, reported in 1990 complete Part I
`
`Total net capital gain (loss) for 1990........ \~1 b.AX00_\;
>total of line 537 from Schedule 3 and line 390 from T2017
`Taxable Capital Gains. (3/4 of Line 1)........ \~2 b.AX01_\;
`\bADD:\p Taxable capital gain on dispositions..... \~3 b.AX02_\;
>of eligible capital property. Line 543 + Line 544 from Schedule 3
`Total taxable capital gains for 1990......... \~4 b.AX03_\;
>line 2 plus line 3
`
`Net capital losses of other years............. \~5 b.B22_\;
>from line 253 on page 2 of T1
`\bADD:\p Allowable business investment losses..... \~6 b.B05_\;
>from line 217 on page 2 of your return
`Total of above losses claimed in 1990........ \~7 b.AX04_\;
>line 5 plus line 6
`
`\bAnnual Gains Limit for 1990\p.................................. \~8 b.AX05_\;
>line 4 - line 7. if negative enter zero.
`
`
'\bPart 2 - Calculation of Cumulative Gains Limit for 1990
`Taxable Gains reported after 1984 & before 1990 \~9 b.AX06_\;
>do not include reserves reported before 1988 other than farm property
`ADD: Total taxable capital gain reported in 1990 \~10 b.AX07_\;
>from line 4 in Part 1
`Cumulative taxable capital gains reported after 1984 \~11 b.AX08_\;
`
`ADD: Allowable capital loss claimed in 1985..... \~12 b.AX09_\;
>Maximum $2000. From line 127 of your 1985 return
`Allowable business investment losses after 1984. \~13 b.AX10_\;
>and before 1990
`Net Capital Losses of other years claimed....... \~14 b.AX11_\;
>after 1984 and before 1990. From line 253 of 1985-90 T1 returns and T1A forms
`Cumulative Net Investment Loss (CNIL)........... \~15 b.AX12_\;
>from line C on form T936
`Total losses claimed in 1990.................... \~16 b.AX13_\;
>line 7 in Part I
`Total capital gains deduction claimed after 1984 \~17 b.AX14_\;
>and before 1990. From line 254 of your 1985-1989 tax returns
` Subtotal \~18 b.AX15_\;
`\bCumulative Gains Limit for 1990\p.............................. \~19 b.AX16_\;
>line 11 minus line 8. if negative enter zero
`
`
'\bPart 3\`\b - Calculation of Capital Gains Deduction on Qualified Farm Property
`*complete if you disposed of farm property or are reporting reserves
`
`Maximum farm capital gains deduction for 1990................ \b20 375,000\p
`Total capital gains deductions claimed......... \~21 b.AX17_\;
>after 1984 and before 1988. From line 254 of your 1985-1987 returns
`ADD: Adjustments of pre-1988 c.g. deductions.. \~22 b.AX18_\;
>one half of amount reported at line 21
`Total gains deductions claimed in 1988 and 1989 \~23 b.AX19_\;
>from line 254 of your 1988 and 1989 returns
`Adjustment of 1988 and 1989 c.g. deductions.... \~24 b.AX20_\;
>one eighth of amount at line 23
` Subtotal \~25 b.AX21_\;
`Farm capital gains deductions available for 1990............ \bA\p \~ AX22_\;
>line 20 - line 25
`Total of net capital gains from dispositions... \~26 b.AX23_\;
>of qualified farm property. Total of line 516 Schedule 3 and 373,377 T2017
`Taxable capital gains on dispositions.......... \~27 b.AX24_\;
>three quarters of line 26
`ADD: Taxable capital gains from line 543....... \~28 b.G105_\;
>on schedule 3
`Total taxable capital gains on dispositions................. \bB\p \~ AX25_\;
>line 27 plus line 28
`Annual gains limit.......................................... \bC\p \~ AX26_\;
>line 8 in Part 1
`Cumulative gains limit...................................... \bD\p \~ AX27_\;
>line 19 in Part 2
`\bCAPITAL GAINS DEDUCTION ON Qualified Farm Property\p.......... \bE\p \~ AX28_\;
>least of A,B,C and D. You may enter less than the maximum.