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State of California Franchise Tax Board

Changes to 2007 Form

Updates to 2007 Schedule P (541)

Revision Date: 12/20/2007

Revision Details: The parentheses on Schedule P (541), Side 1, Part I, line 4c should be placed on line 4d not on line 4c. The parentheses on Schedule P (541), Side 2, Part II, line 5 should be placed on line 6 not on line 5.

  • Schedule P (541), Side 1, Part I, line 4c and line 4d and Side 2, Part II, line 5 and line 6.

It currently reads:

Adjustments and tax preference items:
4 a Interest
   b Personal property
   c Miscellaneous itemized deductions from Form 541, line 15b........4c (____00)
   d Refund or personal property taxes and real property taxes........4d ____00

5 Capital gains paid or permanently set aside for charitable
   purposes from current year's income. See instructions................5 (____00)
6 Capital gains computed on an alternative minimum tax basis included in
    Part I, line 8...........................................................................6 ____00

It should read:

Adjustments and tax preference items:
4 a Interest
   b Personal property
   c Miscellaneous itemized deductions from Form 541, line 15b......4c ____00
   d Refund or personal property taxes and real property taxes........4d (____00)

5 Capital gains paid or permanently set aside for charitable
   purposes from current year's income. See instructions................5 ____00
6 Capital gains computed on an alternative minimum tax basis included in
   Part I, line 8...........................................................................6 (____00)

This may increase/decrease the taxpayer's tax liability. However, the amount is undeterminable.

The revised Internet version is available for download.

Back to Tax Form Changes for 2007

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