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Changes to 2011 Forms

Updates to the 100W Booklet on 02/26/2014 –– Corporation Tax Booklet Water's-Edge Filers

We replaced text on:

  1. Page 4, Column 3, under “California does not conform to federal law" list.
  2. Page 5, Column 2, after "Records Maintenance Requirements" section.
  3. Page 13, Column 1, Paragraph 2.

Previous Version

  1. Note: new text added.
  2. Note: new text added.
  3. Note: new text added.

Revised Version

  1. California law does not conform to federal law for the following provisions:
    The changes in the percentage of the gain exclusion for the sale of qualified small business stock acquired after February 17, 2009.
  2. Small Business Stock
    Corporations that issue stock intended to be qualified small business stock pursuant to R&TC Section 18152.5 are required to attach form FTB 3565, Small Business Stock Questionnaire, to Form 100W.
  3. California law does not conform to federal law for the following provisions:
    California motion picture and television production credit

Reason for the changes

Items 1 and 2: AB 1412 (Stats.2013, ch. 546), signed by the Governor on October 4, 2013, retroactively allows the Qualified Small Business Stock (QSBS) deferral and 50 percent gain exclusion for tax years 2008 through 2012.

Item 3: AB 1173 (Chaptered 10/04/13) amended R&TC Section 23036 retroactively to allow corporate taxpayers to use the credit to reduce regular tax below tentative minimum tax for taxable years beginning on or after January 1, 2011.

Impact

Items 1 and 2: No tax impact.

Item 3: The amount of credit a corporate taxpayer can claim against tax liability may increase, thereby resulting in decreased tax liability.

Back to Tax Form Changes for 2011


Updates to the 100W Booklet on 02/12/2013 –– Corporation Tax Booklet Water's-Edge Filers

We replaced text on:

  1. Page 4, Column 3, under CA law does not conform to federal law, Bullet 6
  2. Page 5, Column 2, Small Business Stock
  3. Page 51, Column 2, under California Tax Forms and Publications

Previous Version

  1. The changes in the percentage of the gain exclusion for the sale of qualified small business stock acquired after February 17, 2009, and before January 1, 2011.
  2. Small Business Stock
    Corporations that issue stock intended to be qualified small business stock pursuant to R&TC Section 18152.5 are required to attach form FTB 3565, Small Business Stock Questionnaire, to Form 100W.
  3. FTB 3565, Small Business Stock Questionnaire

Revised Version

  1. Note: text deleted.
  2. Note: text deleted.
  3. 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.

Back to Tax Form Changes for 2011