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Changes to 2008 Forms

Updates to the Publication 1061 on 01/25/2013 –– Guidelines for Corporations Filing a Combined Report

We replaced text on Page 27, California Tax Forms and Publications, 817 California Corporation Tax Forms and Instructions, 5th form.

Previous Version

FTB 3565, Small Business Stock Questionnaire

Revised Version

Note: text deleted.

Reason for the changes

The Court of Appeal’s held in Cutler v. Franchise Tax Board (2012) 208 Cal. App. 4th 1247, that the qualified small business stock exclusion and deferral statutes under California Revenue and Taxation Code (R&TC) Sections 18152.5 and 18038.5 are unconstitutional. These sections are now invalid and unenforceable.

Impact

No tax impact.

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Updates to the 2008 Publication 1061 -- Guidelines for Corporations Filing a Combined Report

The revised Internet version is available for download as of 01/13/2009.

Revision Details: Pub. 1061's instructions have reference to the federal Form 4684, Casualties and Thefts. At the time we finalized the Pub. 1061 (12/15/2008), the only available version of the federal Form 4684 was dated 6/05/08 (draft) without any major changes. The federal did not finalize its form until 01/09/09.

The 2008 federal Form 4684 has six new lines. Therefore, we are revising the Pub.1061 to include the correct federal line references.

  • First update: Page 8, column 2, paragraph 3.

Previously read:

Complete federal Form 4684, Section B only, through line 37... Any amounts entered on line 31....... Enter net business and California nonbusiness gain/loss data from lines 36 and 37..

Revised to:

Complete federal Form 4684, Section B only, through line 43... Any amounts entered on line 37....... Enter net business and California nonbusiness gain/loss data from lines 42 and 43..

  • Second update: Page 8, column 3, paragraph 2, bullet 1.

Previously read:

  • Casualty or theft loss (federal Form 4684, line 38a).

Revised to:

  • Casualty or theft loss (federal Form 4684, line 44a).
  • Third update: Page 9; lines 1, 1a, and 1c.

Previously read:
1 Reference: Federal Form 4684, Lines 36 and 37
 1a. (Combined business amounts on lines 36 and 37,...)
 1c. (Combine nonbusiness amounts on lines 36 and 37,..)

Revised to:
1 Reference: Federal Form 4684, Lines 42 and 43
 1a. (Combined business amounts on lines 42 and 43,...)
 1c. (Combine nonbusiness amounts on lines 42 and 43,..)

The incorrect line reference to federal Form 4684 may cause confusion and may cause the taxpayer to underreport/overreport its income, which would result in an incorrect tax liability.

This revision to the instructions will provide correct line references which help the taxpayer to correctly report its tax liability.

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