Form Instructions 4797 Texas Dallas 2024-2025

Form Instructions 4797 Texas Dallas: What You Should Know

SECTION I: FINDING NO TAX ON EXCHANGING STARKER SERVICES If you determine that any part of the exchange was a tax-free exchange of an interest in a trade or business or a capital asset, you do not have to report the gain on Form 4797 if (the) gain is reported to the extent it qualifies as interest or income from a trade or business. If you determined that the fair market value of your property at the time of the exchange was more than the fair market value of your property immediately before the exchange, (the) gain is reported to the extent it qualifies as the increase in the fair market value of the property. SECTION II: FINDING TAX ON STARKER SERVICES EXCHANGED WITH RESPECT TO STARKER AIRCRAFT If the fair market value of the property (starker aircraft) or the fair market value of the interest (starker services) is less than the amount of the cash exchange (starker services) between you and Star-West, Star-West will be liable for tax on the difference between the fair market value at the time of the exchange and the fair market value at the time of the cash exchange. SECTION III: AMOUNT OF AMOUNTS GIVEN UPON WHICH TAX WILL BE PAID An amount equal to the cash amount of the exchange or the consideration paid for the exchange, including brokerage fees, costs and expenses and certain compensation paid to brokers is taxable to Star-West on each payment. The determination of the taxable amount is made on a “basis of cash” basis, which means that the taxable amount will be equal to the amount of cash or its equivalent, which has been accepted by Star-West in payment of the exchange, minus any brokerage fee and any other costs that may be incurred directly by Star-West related to the exchange or payment. SECTION IV: TAXABLE PERIOD OF INCOME AND INCOME TAX CREDIT Under the Code, taxable income equals taxable adjusted gross income. Under the Code, tax credits (discussed under Section V and Section VI) equals taxable adjusted gross income. Taxable income is determined on a “basis of cash” basis. Under the Code, amounts includible in the taxable adjusted gross income include any proceeds from the exchange which were included as capital or qualified interest.

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