Please make note of the revisions to the Instructions for Form 8949, page 11, concerning deferral of Section 1231 gains and reporting the inclusion. Reporting the deferral election. Each QOF investment of IRC section 1231 gains will use two separate rows in Part II (long-term transactions) of Form 8949. For the first row, in column (a), write "QOF INVESTMENT FROM FORM 4797." Leave columns (b) through (e) blank. Enter code "O" in column (f) and in column (g) report the amount of the QOF investment from Form 4797 as a positive number. For example, if ($75,000) was reported in column (g) of Form 4797, report $75,000 in column (g) of Form 8949. For the second row, in column (a), enter only the EIN of the QOF investment. In column (b), enter the date of the QOF investment. Leave columns (c), (d), and (e) blank. Enter code "Z" in column (f) and the amount of the deferred gain as a negative number (in parentheses) in column (g). Reporting the inclusion. Each inclusion will use two separate rows in Part II. For the first row, in column (a), write "QOF INCLUSION EVENT FROM SECTION 1231 GAINS." Leave columns (b) through (e) blank. Enter code "O" in column (f) and in column (g) report the amount of the included section 1231 gains to Form 4797 as a negative number (in parentheses). For example, $75,000 inclusion of section 1231 gains was reported in column (g) of Form 4797, report ($75,000) in column (g) of Form 8949. For the second row, enter the EIN of the QOF investment in column (a). Complete columns (b) and (c). Leave (d) and (e) blank. Enter code "Y" in column (f), and in column (g) enter the amount of previously deferred gain as a positive number.