FT 1120VL Rev. 10/06 H 
Column F 
*Apportionable Gain or Loss Column E less 
OR 
. 
. 
Tax Year: G 
Column F 
*Allocable Column E less 
Gain or Loss 
, 
, 

F 
Valuation Limitation 

E 
Gain 
or Loss 
and ending 

, 
D  For taxable years ending in on or after June 26, 2003, R.C. 5733.051 distinguishes bus-
Fraction 

Caution: iness income from nonbusiness income. Only nonbusiness gains and losses are allocable. Gains and losses from sales of depreciable tangible personal property and gains and losses from sales of real property are generally apportionable business income. 
Ohio franchise tax ID number: 

C 
(month, 
Date Sold day, year) 

See Ohio Revised Code Section (R.C.) 5733.04(I)(3) 
B 
(month, day, year) 
 (1990), 49 Ohio St 3d 240. 
Date Acquired 

 rst franchise tax accounting period, which ended after Dec. 20, 1971 was  
Attach this form to the Ohio Corporation Franchise Tax Report, Ohio form FT 1120. , or other taxable year beginning 
Valuation Limitation on Gains and Losses From Sales 
or Exchanges of Capital Assets or IRC Section 1231 Assets Borden, Inc. v Limbach

 .................................................................................................................................................. 

A 
The beginning of the taxpayer’s fi
For calendar year 
Kind of Property 
Department of Taxation 
(if necessary, attach description) 
 
hio Amounts from reverse side Ohio form FT 1120, Schedule B, line 1(a)  ................................................................................................................................ Total allocable gain or loss. Enter here and on Ohio form FT 1120, Schedule C, line 2, column 2. Enter Ohio 
    
  Corporation name: 1. Short-term capital gains and losses (list below) 2. Unused capital loss carryover (attach computation)......................................................................................... 3. Net short-term capital gain (or loss) ................................................................................................................. 4. Long-term capital gains and losses (list below) Net long-term capital gain (or loss) ...................................................................................................................... 5. Gains and losses from the sale or exchange of property used in a trade or business (list below) 6. Total valuation limitation. If GAIN, enter here and on Ohio form FT 1120, Schedule B, line 2(b). If LOSS, enter here and on 7. portion on line 4, column 1
*Gains and losses from the sales of depreciable tangible personal property and real property taxed as ordinary (recapture) income or loss for federal income tax purposes are considered capital gains and capital losses for franchise tax purposes. See 

rst 
ned 
FT 1120VL Rev. 10/06 Page 2                                      H 
 ned in that Column F 
Apportionable * Gain or Loss Column E less 
OR 

G 
Column F 
*Allocable Column E less 
Gain or Loss 

Tax Year 
F 
Valuation Limitation 

E 
Gain 
or Loss 

D 
FEIN 
Fraction 

on which the tax provided for in R.C. 5733.06 is computed on the corporation’s net income. For purposes of division (I)(3) of this section, the amount of the prior loss or gain shall be measured by the difference between the original cost or other basis of the asset and the fair market value as of the beginning of the fi taxable year on which the tax provided for in R.C. 5733.06 is computed on the corporation’s net income. At the option of the taxpayer, the amount of the prior loss or gain may be a percentage of the gain or loss, which percentage shall be determined by multiplying the gain or loss by a fraction, the numerator of which is the number of months from the acquisition of the asset to the beginning of the  rst taxable year on which the fee provided in R.C. 5733.06 is computed on the fi corporation’s net income, and the denominator of which is the number of months from the acquisition of the asset to the sale, exchange or other disposition of the asset. The adjustments described in this division do not apply to any gain or loss where the gain or loss is recognized by a qualifying taxpayer, as defi in R.C. 5733.0510, with respect to a qualifying taxable event, as defi section. 

C 
Instructions (month, day, year) 
Date Sold 

 rst taxable year 
  rst franchise tax 
B 
(month, day, year) 
Date Acquired 

Clyde Williams Enterprises, Inc. and 

A 
, BTA Case No. 85-D-132, May 19, 1986. Gains and Losses from the Sale or Exchange of Property used in a Trade or Business (continued) 
rst taxable year on which the franchise tax is computed on  rst taxable year on which the franchise tax is computed on 
Ohio Revised Code Section 5733.04(I)(3) Kind of Property 

(if necessary, attach description) 

Corporation name In accordance with Ohio Revised Code section (R.C.) 5733.04(I)(3) valuation limitation is the loss or gain resulting from the sale, exchange or other disposi- tion of a capital asset or a section 1231 asset to the extent that such loss or gain occurred prior to the fi the corporation’s net income. The beginning of the fi the corporation’s net income is the beginning of the taxpayer’s fi accounting period which ended after Dec. 20, 1971 (the date of enactment of the net income basis of the franchise tax). See Subsidiaries v Limbach Add any loss or deduct any gain resulting from the sale, exchange or other dispo- sition of a capital asset or an asset described in Internal Revenue Code section 1231, to the extent that such loss or gain occurred prior to the fi                                                         Total