Sec 1256 Contracts & Straddles

[sali]

Client received Form 1065 K-1. Box 11 contains code C (1265 Contracts and Straddles) with an amount of $1254. My software does not flow this amount to a form. Can I enter the amount on Schedule D Line 7? Do I have to complete Form 6781 or will Sch D Line 7 be enough?

[jimmcg]

Client received Form 1065 K-1. Box 11 contains code C (1265 Contracts and Straddles) with an amount of $1254. My software does not flow this amount to a form. Can I enter the amount on Schedule D Line 7? Do I have to complete Form 6781 or will Sch D Line 7 be enough?

My software takes this type of entry to F6781 which makes the 60/40 split on long and short term gains, then it goes to Sched D, and gets fliped up to page 1 of Form1040 for appropriate tax calculation. Same way we did it in the "old days" when we did it manually......................Anyone remember doing tax returns manually?

[JohnH]

You mean with staples in the corners of the pages and carbon paper between the sheets while using a calculator with the hand crank on the side, or are you talking about chisels & stone tables and an abacus for the math?

[jimmcg]

You mean with staples in the corners of the pages and carbon paper between the sheets while using a calculator with the hand crank on the side, or are you talking about chisels & stone tables and an abacus for the math?

Staples and pages with carbon paper is about as far back as I go........Those were the days my friend!

[sali]

Appreciate the Humor

Thanks for the info and the humor! Sandy