Chapter Tax Legislation
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1 Chapter Tax Legislation Summary... Page 1-3 What Did Pass... Page 1-3 Repeal Clarification of Enterprise Zone Credit Carryover...Page 1-3 Fines By Professional Sports Leagues Not Deductible...Page 1-3 Mortgage Debt Forgiveness Exclusion Extended...Page 1-4 Tax Forms to Provide Scholarshare Information...Page 1-4 Motion Picture Credit Expanded and Improved...Page 1-4 New Advanced Aircraft Credit...Page 1-7 Exclusion of Rebates for Removing Turf...Page 1-8 Business Entities Required to E-File...Page 1-8 Dependent ID Numbers Required on Returns...Page 1-9 Go-Biz Credit Not Blocked By AMT...Page 1-9 Charitable Remainder Trust Conformity...Page 1-9 Use Tax Is First Priority on Tax Return...Page 1-10 Credit for Contributions to College Access Fund...Page 1-10 Student Loan Debt Relief...Page 1-10 Partial Exclusion for Small Business Stock... Page 1-8 Chapter 2 Introduction to California Taxation History of California Tax... Page 2-3 California Tax System... Page 2-3 Administration of Tax... Page 2-3 Imposition of Tax... Page 2-3 Federal Conformity... Page 2-3 IRC Operative and Inoperative Dates Application... Page 2-4 Exceptions to IRC Adoption... Page 2-4 California and Federal Regulations... Page 2-4 Elections... Page 2-5 New California Residents... Page 2-5 Application or Consent... Page 2-5 Statute of Limitations... Page 2-5 Secretary Franchise Tax Board... Page 2-5 Adjusted Gross Income... Page 2-5 Application of IRC... Page 2-6 Chapter 3 Who Must File Residents... Page 3-3 Nonresidents... Page 3-3
2 Chapter 4 Tax Rates, Standard Deduction and Exemption Credit Tax Rates... Page 4-3 Additional 1% Mental Health Services Tax... Page 4-4 Standard Deduction... Page 4-4 Limitation on Itemized Deductions... Page 4-5 Personal Exemption Credits... Page 4-7 Corporate Tax Rates... Page 4-8 LLC Fees Unchanged... Page 4-9 Chapter 5 Nonresident Issues Determination of Residency... Page 5-3 Nonresidents and Part-Year Residents... Page 5-7 California Source Income... Page NR Adjustments, Deductions and Credits... Page 5-13 Change of Residency Status... Page 5-14 Chapter 6 Income Inclusions Gross Income... Page 6-3 Compensation for Personal Services... Page 6-4 Compensation Distinguished From Gift... Page 6-5 Qualified Scholarships... Page 6-6 Employer Educational Assistance Programs... Page 6-6 Military Pay... Page 6-7 Bargain Purchases... Page 6-8 Services of a Child... Page 6-8 Pensions and Other Payments to Retired Employees... Page 6-8 Non-Exempt Trust or Plan... Page 6-9 Annuities... Page 6-9 Employee Annuities... Page 6-10 Interest... Page 6-10 Dividends... Page 6-11 Alimony... Page 6-12 Commodity Credit Loans... Page 6-12 Cancellation of Indebtedness... Page 6-12 Restricted Property... Page 6-13 Rents... Page 6-14 Illegal Payments, Bribes and Kickbacks... Page 6-14 Credits and Treatment of Credit Carryovers... Page 6-14
3 Other Items of Gross Income... Page 6-14 Chapter 7 Income Exclusions What Are Exclusions From Gross Income?... Page 7-3 Life Insurance... Page 7-4 Gifts and Inheritance... Page 7-5 Compensation for Injury or Sickness... Page 7-6 Amounts Received Under Accident and Health Plans... Page 7-7 Rental Value of Parsonages... Page 7-8 Income From Discharge of Indebtedness... Page 7-8 Lessee s Improvements on Lessor s Property... Page 7-9 Recovery of Tax Benefit Items... Page 7-9 Sale or Exchange of Residence... Page 7-10 Living Expense Insurance Payments... Page 7-11 Meals and Lodging Furnished By Employer... Page 7-11 Cafeteria Plans... Page 7-12 Cancellation of Student Loan... Page 7-12 Adoption Assistance Programs... Page 7-13 Payments to Vacate Real Property... Page 7-13 Educational Assistance Programs... Page 7-13 Conservation Cost-Sharing Program Payments... Page 7-13 Grants Under Assistance Programs... Page 7-14 Dependent Care Assistance Programs... Page 7-14 Cash or Deferred Profit-Sharing Arrangement 401(k) Plans... Page 7-14 Boundary Waters Canoe Act Payments... Page 7-14 Fringe Benefits... Page 7-14 Ridesharing... Page 7-15 Empty Beverage Containers... Page 7-15 Water Conservation Water Closet Expenses... Page 7-15 Foster Care Payments... Page 7-16 Energy Subsidies Paid By Public Utilities... Page 7-16 Cost-Share Payments Received By Forest Landowners... Page 7-16 Crime Hotline Awards... Page 7-16 Payments Under German Act Regulating Unresolved Property Claims... Page 7-16 Energy Conservation Rebates... Page 7-16 Restitution Payments... Page 7-17 Military Benefits... Page 7-17 Federal Subsidies for Prescription Drug Plans... Page 7-17 Chapter 8 Adjustments to Income Deductions for Adjusted Gross Income... Page 8-3 Business Expenses... Page 8-3 Rent or Royalty Expenses... Page 8-7
4 Losses on Business Property... Page 8-8 Net Operating Losses... Page 8-8 Moving Expenses... Page 8-10 Interest Penalty Due to Early Withdrawal of Savings... Page 8-10 Individual Retirement Arrangements... Page 8-10 Keogh Plans... Page 8-14 Alimony Payments... Page 8-16 Business Use of Home... Page 8-16 Circulation Expenditures... Page 8-17 Research and Experimental Expenditures... Page 8-17 Farmers Expenses... Page 8-18 Amortization of Pollution Control Facility... Page 8-18 Activities Not Engaged in for Profit (Hobby Losses)... Page 8-18 Employee Stock Options... Page 8-19 California Qualified Stock Option... Page 8-21 Welfare Benefit Plans... Page 8-21 Medical Savings Plans... Page 8-21 Health Savings Accounts... Page 8-22 Chapter 9 Itemized Deductions General... Page 9-3 Standard Deduction... Page 9-4 Medical Expenses... Page 9-4 Taxes... Page 9-5 Interest... Page 9-7 Charitable Contributions... Page 9-10 Casualty Losses... Page 9-12 Miscellaneous Deductions... Page 9-16 Chapter 10 Accounting Periods, Sales and Exchanges Tax Year for Recognizing Income... Page 10-3 Tax Year for Taking Deductions... Page 10-5 Sales and Exchanges... Page 10-6 Chapter 11 Tax Credits for Individuals Tax Credits Generally... Page 11-3 Personal and Dependency Credits (Exemption Credits)... Page 11-5 New Homeowner s Credit... Page 11-5 Credit for Adoption Costs... Page 11-8 Other State Net Income Tax Credit... Page 11-8 Teacher Retention Credit... Page 11-11
5 Renter s Credit... Page Excess State Disability Insurance... Page Head of Household and Dependent Parent Credits... Page Low-Income Housing Credit... Page Transportation Costs of Donated Agricultural Products... Page Donation of Fruits and Vegetables... Page Other Tax Credits... Page Natural Heritage Preservation Tax Credit... Page Household Child and Dependent Care Credit... Page Solar and Wind Energy System Credit... Page Chapter 12 Accounting Periods, Methods, Inventory, Etc. Accounting Period... Page 12-3 Change of Accounting Period... Page 12-4 Accounting Methods... Page 12-5 Change of Accounting Method... Page 12-6 Tax Year of Inclusion of Items of Gross Income... Page 12-7 Tax Year for Taking Deductions... Page Special Rules for Tax Shelters... Page Inventories... Page Uniform Capitalization Rules... Page Accounting for Inventories... Page Valuation of Inventories... Page Specialized Businesses Valuation Methods... Page Chapter 13 Depreciation, Amortization, Depletion, Bad Debts Depreciation and Amortization... Page 13-3 Amortization of Intangible Property... Page 13-6 Basis for Depreciation... Page 13-6 Methods for Figuring Depreciation... Page 13-7 Available Methods... Page 13-9 Accounting for Depreciable Property... Page Retirement of Assets... Page Expensing Qualified Property... Page Clean-Fuel Vehicles and Refueling Property... Page Useful Life and Class Life Asset Depreciation Range System... Page Demolition of Structures... Page Child Care Centers... Page Business Start-Up Expenses... Page Expensing Property in Business Incentive Areas... Page 13-13
6 Luxury Automobiles and Mixed-Use Property... Page Depreciation Recapture... Page Depletion... Page Bad Debts... Page Chapter 14 Corporations Corporations Liable for Tax General... Page 14-3 Franchise Tax on Corporations... Page 14-3 Corporation Income Tax... Page 14-4 Foreign Corporations... Page 14-4 Banks and Financial Corporations... Page 14-8 Corporations Commencing to Do Business... Page 14-8 Corporations Discontinuing Business... Page 14-8 Change of Tax Status... Page 14-9 Corporate Organization... Page 14-9 Corporate Reorganizations... Page Complete Liquidation of Corporation... Page Basis of Property Received in Liquidation... Page Gain Realized on Liquidation... Page Chapter 15 S Corporations, LLCs and Other Entities S Corporations... Page 15-3 Professional Corporations... Page 15-7 Personal Holding Companies... Page 15-7 Holding Companies... Page 15-7 Limited Liability Partnerships... Page 15-7 Exempt Organizations... Page 15-7 Limited Liability Companies... Page 15-8 Chapter 16 Quitting Business in California Corporate Dissolutions and Withdrawals... Page 16-3 Corporations Discontinuing Business... Page 16-3 Corporate Suspension and Revivor... Page 16-4 Chapter 17 Gross Income Basis of Tax... Page 17-3 Gross Income Defined... Page 17-3 Gross Income From Business... Page 17-3 Dividends... Page 17-4
7 Interest... Page 17-4 Rents and Royalties... Page 17-5 Patronage Dividends... Page 17-5 Life Insurance Proceeds... Page 17-6 Income of Certain Foreign Aircraft and Ships... Page 17-6 Income From Discharge of Indebtedness... Page 17-6 Recovery of Bad Tax Benefit Items... Page 17-7 Capital Losses... Page 17-7 Empty Beverage Containers... Page 17-7 Annuity Contracts Not Held By Natural Persons... Page 17-7 Chapter 18 Deductions and Net Operating Loss Ordinary and Necessary Business Expenses... Page 18-3 Interest... Page 18-8 Taxes... Page 18-9 Charitable Contributions... Page Research and Experimental Expenditures... Page Dividends... Page Organizational Expenditures... Page Losses... Page Capital Losses... Page Chapter 19 Multistate Taxation New Development... Page 19-3 Introduction... Page 19-3 Basic Law for Allocation and Apportionment... Page 19-3 Federal Law Protecting Interstate Businesses... Page 19-4 Multistate Tax Compact... Page 19-6 Unitary Businesses... Page 19-6 Combined Reporting Affiliated Corporations... Page Business Income Apportionment Formula... Page Special Apportionment Formulas... Page Separate Accounting... Page Alternative Minimum Tax... Page Chapter 20 Pass-Through Entities Partnerships... Page 20-3 Limited Liability Companies... Page 20-4
8 Classification of Pass-Through Entities... Page 20-7 Taxation of Partnerships... Page 20-7 Partnership Taxable Income... Page 20-9 Partnership Capital Gains and Losses... Page Dissolving Limited Liability Pass-Through Entities... Page Taxation of Partners/LLC Members... Page Contributions to Partnership... Page Basis of Partner s Interest... Page Partner s Distributive Share... Page Withholding on Distributions to Partners... Page Partner s Dealings With Partnership... Page Sale or Exchange of Partner s Interest... Page Retiring Partner s Interest... Page Gain or Loss on Distribution... Page Special Basis to Transferee in Distributions... Page Adjustment to Basis of Partnership Assets... Page Estate or Other Successor as Partner... Page Partnership Income of Nonresidents... Page Chapter 21 Tax Credits for Businesses Investment Tax Credit for Manufacturing Equipment (Repealed)... Page 21-3 Employers Child Care Credit... Page 21-3 Employers Qualified Dependent Care Plan Credit... Page 21-4 Research Expenditures Credit... Page 21-4 Enterprise Zones Credits... Page 21-5 Hiring and Financial Incentive Credits... Page 21-7 Prison Inmate Labor... Page 21-9 Local Agency Military Base Recovery Area Incentives... Page 21-9 Enhanced Oil Recovery Credit... Page Expenditures to Provide Access to Disabled Individuals... Page Rice Straw Credit... Page Qualified Farmworker Housing... Page Environmental Tax Credit for Small Refiners... Page Motion Picture Credit... Page New Hiring Tax Credit... Page California Competes Tax Credit... Page Overall Limit on Business Credits... Page Affiliated Corporations May Share Credits... Page Chapter 22 Alternative Minimum Tax/Premature Distributions Alternative Minimum Tax Personal Income Tax... Page 22-3 Alternative Minimum Tax Rate Corporation Tax... Page 22-5 Tax on Premature Distributions... Page 22-7
9 Income Splitting... Page 22-7 Chapter 23 Interest and Penalties Statute of Limitations... Page 23-3 Penalties... Page 23-3 Interest... Page 23-8 Chapter 24 Property Tax Background... Page 24-3 New Construction... Page 24-3 New Construction Exclusions... Page 24-4 Change in Ownership... Page 24-6 Change in Ownership Exceptions... Page 24-7 Decline in Market Value... Page 24-8 Exemptions... Page 24-9 Proposition 13 Base Year Value Transfers to Replacement Properties... Page Base Year Value Transfers for Property Taken By Eminent Domain or Acquired By a Government Entity (Proposition 3)... Page Property Acquired or Constructed to Replace Disaster Area Property... Page Business Personal Property... Page Property Tax Assistance... Page Fire Prevention Fee... Page Index Index... Page 25-1
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