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Section 1202 gain eligible for exclusion
Part or all of section 1202 gain may be eligible for an exclusion from income. Gains that qualify for the exclusion report as follows.
- The exclusion amount reports on Form 8949, Part III. This amount is determined by multiplying the box 1c amount by the exclusion percentage.
- 7% of the excluded gain reports on Form 6251.
- The taxable amount reports on the 28% Rate Capital Gain Tax Worksheet, line 2.
note
In accordance with Form 2439 instructions for the shareholder, the amounts in box 1c represent the portion of box 1a attributable to a section 1202 gain. Therefore, to properly report the taxable section 1202 gain, enter data in both boxes 1a and 1c.