First, fill in all the appropriate information in Parts I and II.
Lines 9 and 10 - If lines 9 and 10 are both No, and this is the year of the exchange, go to Part III. If both Lines 9 and 10 are No and this is not the year of the exchange, stop here. If either 9 or 10 are Yes, complete Part III and report on this year's tax return the deferred gain or (loss) from line 24, unless one of the exceptions on line 11 applies.
If box 11c is marked, you must press F9 to attach an explanation.
Complete line 12 through 14 of Part III if the property was NOT like-kind, otherwise go to line 15. Information from this form will transfer to Schedule D or Form 4797, whichever you choose.
Mark boxes on lines 14 and 22 for amounts to flow to appropriate forms.
This information applies to all years of the UltimateTax software.