/ 0
60%
Table of contents

Document in text mode:

yyyymmddI-071 (R. 7-21)Income Tax Deferral ofLong-Term Capital Gain2021ScheduleCGYour nameSpouse’s name if filing a joint returnYour social security numberSpouse’s social security numberEnclose with Wisconsin Form 1 or 1NPRWisconsinDepartment of RevenuePurpose of Schedule CGSchedule CG must be completed by individuals who are not declaring income from a long-term capital gain on their 2021 Wisconsin income tax return (Schedule WD) because they have reinvested the capital gain. Wisconsin law provides that the long-term capital gain may be deferred when the gain is reinvested in a qualified Wisconsin business.Who may claim the deferral of gainThe deferral of gain may be claimed by an individual, including an individual partner of a partnership, member of a limited liability company, or shareholder of a tax-option (S) corporation.Definitions“Long-term capital gain” means the gain realized from the sale of any capital asset held more than one year that is treated as a long-term gain under ...