Form 4797-Sale of Business Property is used to record:
- the sale or trade of property used in a business for at least a year
- involuntary conversion of property held over a year
- Ordinary gains and losses on business property.
- Gain from disposition of specific types of business property, and
- Recapture of property under Sections 179 and 280F(b)(2) when business use drops to 50% or less