Form 4797

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Form 4797

A form one files with the IRS to report the profits (or losses) from the sale or exchange of an asset. For example, if a company sells the equipment from one of its factories, it reports the results of the sale on Form 4797.
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Finally, the IRS could consider a "lookback" approach that characterizes hedges of section 1231 assets in the same manner as the gains or losses are reported on Forms 4797 (Sales of Business Property) and 4562 (Depreciation and Amortization).