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The Profits(Capital Gains) on the 990T (Schedule G)Investment income of a section 501(c)(7) - The Profits(Capital Gains) on the 990T (Schedule G)Investment income of a section 501(c)(7), (9), or (17) organization are not carrying over Form 8949 (Part I) Report capital gains and losses from investmen
🔍 The Profits (Capital Gains) on the 990T (Schedule G) — Investment Income for a Section 501(c)(7), (9), or (17)
This article explains how investment income (including capital gains/losses) is handled on the 990T (Schedule G) for a section 501(c)(7), (9), or (17) organization, specifically when the sale is reported on Form 8949 and flows through to the 990T.
⚠️ Before You Begin
Note: Instructions may vary by fiscal year.
📊 Key Reporting Flow
Use this when you need to understand where the capital gains/losses amounts go when the sale is reported on Form 8949.
Step 1: Confirm where the sale is being reported
There are instances where the sale from the Form 8949 is reported on the 1120 Sch D.
Step 2: Follow the amount as it flows to the 990T
The amount from the 1120 Sch D flows to 990T Page 1, Line 4a.
📚 Additional Reference
For additional reference: https://www.irs.gov/pub/irs-pdf/i990t.pdf
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Phone: 1-800-516-9442
Tags: federal,form