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Vermont Department of Taxes     133 State Street    Montpelier, VT  05633-1401 
Phone:  (802) 828-6851
VT Schedule                                                                            *161811100*
                      LAND GAINS BASIS CALCULATION 
                                                                                       *161811100*
LGT-181                   FORECLOSURE PROPERTY                                                                                                                                         Page 2

Please PRINT in BLUE or BLACK INK                                                                                                                     ATTACH TO FORM LGT-178

   Entity TRANSFEROR Name                                                                                                                             Federal ID Number 

OR Individual TRANSFEROR Last Name     First Name                              Initial                      OR                                        Social Security Number

Property Location                                                                                                                                     Date of Closing

1. Debt Due - Principal balance from judgment
   (Principal balance from judgment does not include interest)  . . . . . . . . . . . . . . . . . . .  1.   _______________________

2. Cost of acquisition
   2a.  Legal fees  . . . . . . . . . . . . . . . . . . . . . . . . . .  . 2a.  ________________________

   2b.  Recording fees   . . . . . . . . . . . . . . . . . . . . . .  . 2b.  ________________________

   2c.  Other .  Explain___________________  . . . . 2c.  ________________________

   2d.  Total cost of acquisition (Add Lines 2a-2c) .   . . . . . . . . . . . . . . . . . . . . . . . . . . 2d.   _______________________

3. Add Lines 1 and 2d  . . . . . . . . . . . . . . . . . . . . . . . . . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 3.   _______________________

4. Tax benefit due to bad debt write down

   4a.  Amount of loan write down  . . . . . . . . . . . .  . 4a.  ________________________

   4b.  Tax bracket (usually 34% for banks)  . . . . .  . 4b.  ______________ . _______%  

   4c.  Tax benefit received (Multiply Line 4a by Line 4b)   . . . . . . . . . . . . . . . . . . . .        4c.   _______________________

5. Basis (Subtract Line 4c from Line 3)
   Enter this amount on Form LGT-178, Line H4 .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .                5.   _______________________

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