Sales of Business Property: IRS Form 4797

Summary

This practice note is a guide to the substantive and procedural elements of tax reporting requirements related to sales and other dispositions of business property. I.R.S. Form 4797 (Sales of Business Property) is an essential reporting vehicle in this segment of federal tax reporting discipline. This practice note supplements IRS Instructions for Form 4797, serving as a pedagogical reference tool for legal and tax accounting practitioners, and providing a road map for reporting transactions on Form 4797, when to report on the tax consequences of these transactions, and where to correctly position relevant entries reporting disposal of qualifying business property.