Section 1244 stock loss

[L.S.]

Doing individual's tax return and they come in with sheet of paper from Accounting Firm saying with the sale of xxx you have a section 1244 stock loss of $5,440.00. Please advice your tax advisor regarding your loss.

In reading some info on loss on sale of 1244 stock, it would appear that this can be shown as an ordinary loss. I would assume on a 4797 - how would this be shown and is this the correct form? This is from a C-Corp. Or should this go on a Sch D?

Thanks for any help on this.

[OldJack]

>>I would assume on a 4797 - how would this be shown and is this the correct form? This is from a C-Corp. Or should this go on a Sch D?<<

It would be reported on form 4797, part II. Be aware that the loss may limit any capital gain treatment reported on 4797, Part I, for this year and the next 5 years. If you have gains this year in Part I, see instructions for 4797 line 8 "Nonrecaptured net section 1231 losses from prior years".