Summary of changes

2008 Instructions for Schedule D (Form 1120), Capital Gains and
Losses
Purpose: This is the first circulated draft of the 2008 Instructions for Schedule D (Form
1120) for your review and comments. See attachment for discussion of major changes.
TPCC Meeting: None, but one may be arranged if requested.
Form: The 2008 Schedule D (Form 1120) was circulated earlier. The latest draft is
attached.
Prior Version: The 2007 Form Schedule D (Form 1120) is available at:
http://www.irs.gov/pub/irs-pdf/f1120sd.pdf
Instructions: The 2007 Instructions for Schedule D (Form 1120) are available at:
http://www.irs.gov/pub/irs-pdf/i1120sd.pdf
Other Products: Circulations of draft tax forms, instructions, notices, and publications
are posted at:
http://taxforms.web.irs.gov/Circulations/index.htm
Comments: Please email, fax, call, or mail any comments to me and email the reviewer
at Joan.A.McAlpine@irs.gov by November 7, 2008.
F. Diane Regier
Tax Forms and Publications
SE:W:CAR:MP:T:B:C
Email: Diane.Regier@irs.gov
Phone: 202-622-3695
Fax: 202-622-3262

Major Changes to the 2008 Instructions for Schedule D (Form 1120),
Capital Gains and Losses

Page 1
We added a What’s New to reflect:
(1) The new corporate rate reduction for qualified timber gains. (Ref. P.L. 110-234
(number replaced by P.L. 246), section 15311)
(2) Gain on certain preferred stock is ordinary gain or loss. (P.L. 110-323, Division A,
section 301)

Page 5
We added instructions for Part IV of Schedule D (Form 1120) to reflect the new
corporate rate reduction for qualified timber gains discussed above.