What adjustments are made for capital gains and losses?

Adjustments of Capital Gains and Losses (Form MI-1041D) must be used for the following:

 •  Capital gains/loss election under Section 271 for property acquired before October 1, 1967;

 •  Sale or exchange of U.S. obligations which cannot be taxed by Michigan; or

 •  Sale or exchange of property subject to Michigan's allocation or apportionment provisions

 Schedule 4, on the MI-1041 must be completed if a capital gain/loss is distributed to beneficiaries and MI-1041D is filed.