Form 4797 is the Sales of Business Property form that you'll use to determine your capital gain or loss. Overview. Review the sale of both C corps and S corps, including tax planning related to a possible liquidation after the asset sale.The target corporation must include the gain or loss on the deemed sale of assets in its adjusted income. See UC §59-7-114 for further details. You can simply enter the amount of your credit on TC40A, Part 3, using code 04 on your Utah state tax return. Capital Gains Tax Strategies. Our business law experts provide tailored solutions for business and asset purchases. Asset sales are types of business transaction where buyers purchase assets from a business, and the sellers retain legal ownership of the company. If you sold business-use property during the year, you had a gain or a loss on the sale. Complete and file Form 4797: Sale of Business Property.